Hong Kong’s Finance Chief, Paul Chan, has announced that the city is expected to experience moderate growth of between 2.5% and 3.5% in the first quarter. This marks the fifth consecutive quarter of economic expansion for Hong Kong. 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 predicted a full-year growth rate of 2.5% to 3.5% for Hong Kong after the city saw a 3.2% expansion in 2023. As Hong Kong continues to search for new sources of growth, Chan mentioned that mega events such as fireworks will be organized to attract more tourists. It is expected that around 800,000 visitors will arrive for China’s labor day holiday on Wednesday.
These efforts to boost tourism and overall economic growth are aimed at maintaining Hong Kong’s momentum and attracting more visitors to the city. Chan’s announcement underscores Hong Kong’s continued focus on driving economic growth and expanding its presence as a key financial hub in Asia.
