Hong Kong is set to see moderate economic expansion for the fifth consecutive quarter, with an anticipated GDP growth rate of between 2.5% and 3.5% in the first quarter of the year. This growth will fall within the range of the full-year economic growth forecast, which was announced by Financial Secretary Paul Chan in his blog.
Earlier in February, Chan had forecasted a full-year growth rate of between 2.5% and 3.5% for Hong Kong, following a 3.2% expansion in 2023. To boost tourism and stimulate economic growth, the government has announced plans to host mega events like fireworks and expects around 800,000 visitors to come to Hong Kong for China’s Labour Day holiday on Wednesday.
These efforts reflect the government’s commitment to sustaining and expanding Hong Kong’s economy, as it continues to look for new avenues of growth.
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