Hong Kong’s Finance Chief Paul Chan has announced that the city’s economy is expected to grow between 2.5% and 3.5% in the first quarter, marking the fifth consecutive quarter of moderate growth for Hong Kong’s gross domestic product (GDP). The January-March GDP figures are set to be released on Thursday and are anticipated to fall within the range of the full-year economic growth forecast.
In order to attract more tourists and stimulate economic activity, events such as fireworks displays are being organized in Hong Kong. According to Chan, 800,000 visitors are expected to arrive for China’s labour day holiday on Wednesday, indicating ongoing efforts to boost tourism in the city.
Chan had previously forecasted a full-year growth of 2.5% to 3.5% after a 3.2% expansion in 2023. Despite this, he remains optimistic about Hong Kong’s future economic prospects and believes that with continued efforts to attract new sources of growth, the city can continue its moderate pace of expansion in the coming quarters.