Hong Kong’s economy is expected to grow between 2.5% and 3.5% in the first quarter, according to the city’s finance chief. This would mark the fifth consecutive quarter of moderate growth for Hong Kong’s gross domestic product (GDP). The January-March GDP figures are set to be released on Thursday and are anticipated to fall within the range of the full-year economic growth forecast. Financial Secretary Paul Chan had previously forecasted a full-year growth of 2.5% to 3.5% after a 3.2% expansion in 2023.
As Hong Kong looks for new sources of growth, events such as fireworks displays are being organized to attract more tourists to the city. Chan mentioned that 800,000 visitors are expected to arrive for China’s labour day holiday on Wednesday. This indicates ongoing efforts to boost tourism and stimulate economic activity in Hong Kong. Despite challenges faced by the city, including political instability and a pandemic, Hong Kong remains a major global financial hub and an important trade center in Asia, with a strong focus on innovation and technology.
