Hong Kong’s financial chief announced that the city’s economy is expected to grow between 2.5% and 3.5% in the first quarter, marking the fifth consecutive quarter of moderate growth. This follows a forecast made by Financial Secretary Paul Chan in February, which predicted a full-year growth of 2.5% to 3.5% after a 3.2% expansion in 2023.
As part of efforts to boost economic growth, Hong Kong is exploring new avenues for growth, such as hosting mega events like fireworks to attract more tourists. According to Chan, 800,000 visitors are expected to visit for China’s labor day holiday on Wednesday, indicating that measures are being taken to increase tourist numbers and stimulate economic activity.
Despite economic challenges and ongoing exploration of new growth opportunities, the outlook for the Hong Kong economy remains cautiously optimistic. The gross domestic product (GDP) for January-March is anticipated to be released on Thursday and is expected to fall within the range of the full-year economic growth forecast. Overall, the Hong Kong economy is showing signs of resilient growth with measures being taken to sustain and enhance economic performance in the coming quarters.
