Hong Kong is forecast to experience moderate growth of between 2.5% and 3.5% in the first quarter, according to the city’s finance chief, Paul Chan. This would represent the fifth consecutive quarter of economic expansion for Hong Kong’s gross domestic product (GDP). The January-March GDP figures are set to be released on Thursday and are expected to fall within the range of the full-year economic growth forecast.
Financial Secretary Paul Chan had previously predicted a full-year growth of 2.5% to 3.5% after a 3.2% expansion in 2023. As Hong Kong looks 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, indicating ongoing efforts to boost tourism and stimulate economic activity in Hong Kong.