Hong Kong’s economy is expected to continue growing at a moderate pace for the first quarter, with GDP growth forecasted between 2.5% and 3.5%. This news was announced by finance chief Paul Chan on Sunday, as he also revealed that January-March GDP figures would be released on Thursday and are expected to fall within the range of the full-year economic growth forecast.
The city’s finance chief had previously predicted a full-year growth rate of 2.5% to 3.5% after a strong expansion of 3.2% in 2023. To maintain and expand its tourism sector, which is an important driver of economic growth, Hong Kong will hold mega events such as fireworks shows to attract more tourists. According to Chan, around 800,000 visitors are expected to come for China’s Labour Day holiday on Wednesday.
Overall, the continuous moderate growth in GDP suggests stability and potential for further development in Hong Kong’s economy. With new sources of growth being sought out, initiatives like these will help sustain and expand the city’s tourism industry, which is crucial for its economic success.