Hong Kong’s economy is expected to grow at a moderate pace in the first quarter, according to its finance chief. This would represent the fifth consecutive quarter of growth for Hong Kong’s gross domestic product (GDP). The January-March GDP figures will be released on Thursday and are anticipated to fall within the range of the full-year economic growth forecast. Financial Secretary Paul Chan had previously forecasted a full-year growth of 2.5% to 3.5% after a 3.2% expansion in 2023.
To stimulate economic activity and attract more tourists, events such as fireworks displays are being organized in Hong Kong. Chan mentioned that 800,000 visitors are expected to arrive for China’s labour day holiday on Wednesday. This indicates ongoing efforts by the city to boost tourism and drive economic growth.
Hong Kong has been looking for new sources of growth after experiencing a slowdown in recent years due to political unrest and the COVID-19 pandemic. Despite these challenges, the city has continued to show resilience and maintain a strong economy. With events like fireworks displays and increased tourism efforts, Hong Kong is hopeful that it can continue its upward trajectory and achieve sustainable economic growth in the future.