The financial chief of Hong Kong announced that the economy is expected to grow between 2.5% and 3.5% in the first quarter, marking the fifth consecutive quarter of moderate growth. The gross domestic product (GDP) for January-March is anticipated to be released on Thursday and is expected to fall within the range of the full-year economic growth forecast. This follows a forecast made in February by Financial Secretary Paul Chan, predicting a full-year growth of 2.5% to 3.5% after a 3.2% expansion in 2023.
In an effort to boost economic growth, Hong Kong is exploring new avenues for growth, such as hosting mega events like fireworks to attract more tourists. Chan mentioned that 800,000 visitors are expected to visit for China’s labor day holiday on Wednesday, indicating efforts to increase tourist numbers and stimulate economic activity.
Overall, the Hong Kong economy is showing signs of resilient growth, with measures being taken to sustain and enhance economic performance in the coming quarters. As the city continues to navigate economic challenges and explore new growth opportunities, the outlook for the economy remains cautiously optimistic.