H. Kong projects up to 3.5% growth in Q1

Hong Kong’s economy is expected to continue its moderate growth streak, with first-quarter GDP projected within a range of 2.5 to 3.5 per cent, Reuters reported on Sunday, citing Financial Secretary Paul Chan.

Chan stated that the January-March GDP figures, scheduled for release on Thursday, are anticipated to be “within the range of the full-year economic growth forecast.”

This suggests a continuation of the stable growth pattern observed in the previous four quarters.

Chan reiterated the previously announced full-year growth forecast of 2.5 per cent to 3.5 per cent for Hong Kong, Asia’s leading financial hub. This target builds upon the 3.2 per cent expansion achieved in 2023.

With an eye towards fostering new growth engines, Chan highlighted initiatives aimed at attracting tourists.

Events like large-scale fireworks displays are planned to entice visitors, particularly during upcoming holidays. He anticipates approximately 800,000 visitors to arrive for China’s Labor Day holiday on Wednesday.