Hong Kong’s economy is showing signs of stability as its gross domestic product (GDP) is expected to grow between 2.5% and 3.5% in the first quarter, maintaining moderate growth for a fifth consecutive quarter. The city’s finance chief, Paul Chan, made this announcement on Sunday.
The January-March GDP figures are scheduled to be released on Thursday and are expected to fall within the range of the full-year economic growth forecast. Chan had previously forecasted a full-year growth for Hong Kong of 2.5% to 3.5% after a 3.2% expansion in 2023.
As Hong Kong looks for new sources of growth, mega events such as fireworks will be held to attract more tourists. Chan mentioned that 800,000 visitors are expected to come for China’s Labour Day holiday on Wednesday. These initiatives are aimed at sustaining and expanding the tourism sector in Hong Kong, which is an important driver of economic growth for the city.
The continuous moderate growth in GDP signals a positive trend for Hong Kong’s economy, suggesting stability and potential for further development in the future. With its vibrant culture, world-class infrastructure, and strategic location as a gateway to Asia, Hong Kong remains an attractive destination for businesses and investors alike.
