Hong Kong is expected to see moderate growth in the first quarter, with a GDP forecast of between 2.5% and 3.5%, continuing a trend that has been seen for the past five quarters. This comes ahead of the release of January-March GDP figures, which are predicted to fall within this range for the full year. The full year forecast was set at 2.5% to 3.5% following a 3.2% expansion in 2023.
To boost tourism and drive economic growth, Hong Kong is planning to host mega events such as fireworks displays. It is estimated that around 800,000 visitors will come to the city for China’s labor day holiday on Wednesday. These events are part of an overall strategy aimed at attracting visitors and promoting economic development.
Hong Kong is putting forth efforts to maintain a steady pace of growth through these initiatives while also focusing on tourism and events. This aligns with its overall goal of promoting economic development and creating new opportunities for the city.
The city’s finance chief stated that it is anticipated that tourists will continue to flock to the city, driving positive economic growth in the coming months.
Overall, Hong Kong’s focus on tourism and events remains a key driver of its positive economic trajectory as it continues to grow at a moderate pace into the future.