Hong Kong is expected to see moderate growth in the first quarter with a GDP of between 2.5% and 3.5%, according to Finance Chief Paul Chan. This marks the fifth consecutive quarter of economic expansion for the city. The GDP data for January-March will be released on Thursday and is anticipated to fall within the range of the full-year economic growth forecast.
In February, Chan had forecasted a full-year growth rate of 2.5% to 3.5% for Hong Kong after the city saw a 3.2% expansion in 2023. To attract more tourists and sustain economic momentum, Chan announced that mega events such as fireworks will be organized. It is predicted that around 800,000 visitors will arrive for China’s labor day holiday on Wednesday.
These efforts are aimed at expanding Hong Kong’s presence as a key financial hub in Asia and driving economic growth. Chan’s announcement indicates that Hong Kong continues to focus on attracting more visitors to the city and sustaining its economic momentum.
