Hong Kong’s Finance Chief, Paul Chan, has announced that the city’s Gross Domestic Product (GDP) is expected to grow between 2.5% and 3.5% in the first quarter of the year. This growth will mark the fifth consecutive quarter of moderate economic expansion for Hong Kong.
The GDP data for the January-March period is set to be released on Thursday and is expected to fall within the range of the full-year economic growth forecast. Financial Secretary Chan made this announcement in his blog but did not provide further details.
Earlier in February, Chan had forecasted a full-year growth rate of 2.5% to 3.5% for Hong Kong, following a 3.2% expansion in 2023. As Hong Kong looks for new avenues of growth, Chan mentioned that the city will be hosting mega events like fireworks to attract more tourists. He also mentioned that around 800,000 visitors are expected to come to Hong Kong for China’s Labour Day holiday on Wednesday.
These efforts by the government to boost tourism and stimulate economic growth reflect their commitment towards sustaining and expanding Hong Kong’s economy.
