'Very high chance' Hong Kong will end year in recession: Finance chief

"There is a very high chance for Hong Kong to record a negative GDP growth for this year," Financial Secretary Paul Chan told reporters.

The Fed's hawkish rate hikes, aimed at curbing inflation, come at an especially difficult time for Hong Kong because it will further dampen sentiment at a time when the economy is already struggling. Hong Kong is one of the world's wealthiest places, per capita - although there is entrenched inequality.On Sunday, Chan said the fiscal deficit is expected to balloon to HK$100 billion this year, twice initial estimates.

The Hong Kong Monetary Authority followed the Fed's hikes and warned banks may soon lift their prime interest rates later this year, making borrowing more expensive.

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