Hong Kong facing 5 yrs of deficits

HONG KONG: This Asian financial hub is looking at five years of budget deficit, its Financial Secretary John Tsang said yesterday.

The region's GDP will fall between 2 and 3 percent this year as a result of the worldwide financial turmoil, he said.

As a result, infrastructure projects designed to create jobs and stimulate the economy were the key features of the budget he presented yesterday.