As Hong Kong continues to grow at a moderate pace, Finance Chief Paul Chan has announced that the city’s gross domestic product (GDP) is expected to expand between 2.5% and 3.5% in the first quarter of 2024. This growth forecast is consistent with the city’s fifth consecutive period of steady expansion.
The January-March GDP figures will be released on Thursday and are predicted to fall within the range of Hong Kong’s full-year economic growth forecast. Chan had previously projected a full-year growth rate for Hong Kong of 2.5% to 3.5%, after an impressive 3.2% expansion in 2023.
As Hong Kong seeks new sources of growth, mega events such as fireworks displays are being held to attract more tourists to the city. According to Chan, over 800,000 visitors are expected to come for China’s Labour Day holiday on Wednesday. These initiatives are aimed at boosting and expanding Hong Kong’s tourism sector, which is a key driver of economic growth for the city.
Overall, the steady moderate growth in GDP indicates a positive trend for Hong Kong’s economy, suggesting stability and potential for further development in the future.