In a recent announcement, the financial chief of Hong Kong revealed that the city’s economy is expected to grow between 2.5% and 3.5% in the first quarter, marking five consecutive quarters of moderate growth. This news comes as the GDP for January-March is set to be released on Thursday, with experts predicting it will fall within the range of the full-year economic growth forecast.
The Financial Secretary, Paul Chan, made a forecast in February predicting a full-year growth rate of 2.5% to 3.5%, after an expansion of 3.2% in 2023. Despite facing economic challenges, Hong Kong remains resilient and is exploring new avenues for growth, such as hosting mega events like fireworks to attract more tourists. In fact, Chan announced that 800,000 visitors are expected to visit for China’s labor day holiday on Wednesday, signaling efforts to increase tourist numbers and stimulate economic activity.
Overall, Hong Kong’s economy remains cautiously optimistic as measures are taken to sustain and enhance economic performance in the coming quarters. The city continues to navigate challenges while exploring new opportunities for growth, making its outlook bright for the future.
