Hong Kong, Feb 22 : The Hong Kong government on Wednesday unveiled a budget for the new financial year, with a focus on measures to support the speedy recovery of the economy.

Chan said the city is at the early stages of recovery since the lifting of most of its stringent Covid measures late last year.

“I believe that Hong Kong’s economy will visibly recover this year, and I remain positive,” Chan said during his budget speech. “However, the economic recovery is still in its initial stage, and there is a need for our people and businesses to regain vigor.”

Hong Kong’s economy is expected to see a rebound of 3.5% to 5.5% in 2023, after shrinking 3.5% in 2022, Chan said.

In January, the global financial hub reopened its borders with mainland China, for the first time in three years.