Hong Kong’s Finance Chief, Paul Chan, announced that the gross domestic product (GDP) of the city is expected to grow between 2.5% and 3.5% for the first quarter. This would mark the fifth consecutive quarter of moderate growth for Hong Kong. The GDP data for January-March is set to be released on Thursday and is anticipated to be 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 looks 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 sustaining Hong Kong’s economic momentum and attracting more visitors to the city. Chan’s announcement indicates that Hong Kong is continuing to focus on driving economic growth and expanding its presence as a key financial hub in Asia.