Economic recovery uncertain for HK
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The economic outlook for Hong Kong in 2010 is subject to uncertainties because the pace of global economic recovery is still unclear, its top financial official said Wednesday.
Hong Kong's economic performance will inevitably be affected by the external environment, Financial Secretary John Tsang, told lawmakers.
Given the sheer size of the United States economy, it would be difficult for emerging economies in Asia to replace the US in leading a global economic recovery, he said.
"According to past experience, double-dip recessions are not uncommon in the US. If the US economy is to show a renewed relapse, it is very likely that Hong Kong's economic recovery will also be affected," he said.
Hong Kong will continue to monitor the economic situation and, if necessary, introduce measures to ensure that the economic recovery is on solid ground.
"An appropriate exit strategy is key as this will ensure sustainable economic growth," Tsang added.
"The government is now consulting the public on the 2010-11 Budget. We will consider the latest economic situation, adhere to the three basic principles of pragmatism, commitment to society and sustainability," he said.
