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 of 2024. This would mark 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.
As Hong Kong continues to look for new sources of growth, events such as fireworks displays are being organized to attract more tourists to the city. Chan mentioned that 800,000 visitors are expected to arrive for China’s labour day holiday on Wednesday. This indicates ongoing efforts to boost tourism and stimulate economic activity in Hong Kong.
With a full-year growth forecast of 2.5% to 3.5%, Hong Kong’s economy is showing signs of resilience despite facing challenges such as political unrest and the COVID-19 pandemic. Financial Secretary Paul Chan had previously forecasted a full-year growth of 3.2% after a strong expansion in 2023. Despite these challenges, Hong Kong remains a key financial hub and an important gateway for trade in Asia, making it an attractive destination for investors and businesses alike.