Hong Kong lawmakers call for smarter spending after IMF praises financial efforts

Hong Kong lawmakers and experts are calling for "smarter" spending after the International Monetary Fund (IMF) praised the city's financial consolidation efforts. The IMF supports Hong Kong's initiatives in digital and green finance to maintain its global standing. The IMF reported that Hong Kong's economy is gradually recovering, with projected GDP growth of 2.7% for 2024 and 2025. However, it warned that rising domestic demand may be offset by declining external demand, particularly from mainland China. The IMF highlighted potential risks, including a slowdown in mainland China due to trade tensions or issues in the property market. This could further impact confidence and weaken demand for Hong Kong's goods and services.