In Hong Kong, the gross domestic product (GDP) is expected to grow between 2.5% and 3.5% in the first quarter. This moderate growth will mark the fifth consecutive quarter for the city’s finance chief, Paul Chan, who made the announcement on Sunday. The January-March GDP figures are set to be released on Thursday and are anticipated to fall within the range of Hong Kong’s full-year economic growth forecast.
Despite a challenging economic landscape, Hong Kong is looking for new sources of growth. To attract more tourists, mega events such as fireworks are being organized. According to Chan, around 800,000 visitors are expected to visit during China’s Labour Day holiday on Wednesday. These initiatives aim to sustain and expand Hong Kong’s tourism sector, which is a critical driver of economic growth for the city.
The continuous moderate growth in GDP indicates a positive trend for Hong Kong’s economy, suggesting stability and potential for further development in the future. As Chan previously forecasted a full-year growth of 2.5% to 3.5%, he remains optimistic about the city’s economic outlook despite challenges such as rising trade tensions with China and protests that have been ongoing for nearly two years.
In conclusion, Hong Kong’s economy continues to grow at a moderate pace, driven by its tourism sector. Despite challenges faced by the city in recent years, there is hope that further development can be achieved if new sources of growth can be found to supplement tourism revenue.