Hong Kong’s GDP Forecast: 2.5% to 3.5% in First Quarter, with Mega Events Expected to Boost Tourism

Hong Kong’s Finance Chief, Paul Chan, has announced that the city’s gross domestic product (GDP) is expected to grow between 2.5% and 3.5% for the first quarter. This marks the fifth consecutive quarter of moderate growth for Hong Kong, with the GDP data for January-March set to be released on Thursday and anticipated to be within the range of the full-year economic growth forecast.

In February, Chan had forecasted a full-year growth rate of 2.5% to 3.5% for Hong Kong after the city saw a 3.2% expansion in 2023. As Hong Kong looks for new sources of growth, Chan mentioned that mega events such as fireworks will be organized to attract more tourists. It is expected that around 800,000 visitors will arrive for China’s labor day holiday on Wednesday.

These efforts to boost tourism and overall economic growth are aimed at sustaining Hong Kong’s economic momentum and attracting more visitors to the city. Chan’s announcement indicates that Hong Kong is continuing to focus on driving economic growth and expanding its presence as a key financial hub in Asia.