The Hong Kong government announced on Monday that decreased revenue collections and increasing government spending have meant that the region's budget deficit for the first eight months of fiscal 2001-02 has widened to HK$54.9 billion, up from the HK$28.7 billion reported in the April to November period for the previous year.
There were gloomy predictions for the remainder of the financial year as well, as the government confirmed in a statement that: 'Due to the recent slowdown of the economy and the uncertainties in the world economic situation, the revenue realized in the remainder of the fiscal year will be much lower than expected.'
Speaking in December, Hong Kong Financial Secretary, Antony Leung Kam-chung, estimated that the shortfall for the full financial year ending March 31st was likely to be HK$60 billion, around 20 times the amount earlier predicted.
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