Hong Kong’s Finance Chief, Paul Chan, recently 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 growth for Hong Kong. The GDP data for January-March will be released on Thursday and is predicted 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. As Hong Kong continues to search for new sources of growth, Chan mentioned that mega events such as fireworks shows 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 initiatives aim to boost tourism and overall economic growth, allowing Hong Kong to maintain its economic momentum and attract even more visitors to the city. With Chan’s announcement, it is clear that Hong Kong remains focused on driving economic growth and expanding its role as a key financial hub in Asia.
