Hong Kong's economy is demonstrating impressive resilience, recording a 3.3% growth in the second quarter of 2024 compared to the previous year, according to recent government data. This marks a positive continuation of the city's economic recovery, building on the 2.7% growth achieved in the first quarter.
Adolph Leung, a government economist, expressed confidence in the ongoing economic expansion, noting that "the economy is on track to continue its growth for the remainder of the year." He highlighted the importance of maintaining a strong focus on trade, which has been a key driver of this recovery. "Exports of goods are expected to remain robust, provided external demand stays strong, offering significant opportunities for trade growth," Leung added.
On a seasonally adjusted basis, the economy grew by 0.4% from April to June, following a notable 2.3% increase in the January-March period. The government remains optimistic, maintaining its full-year growth forecast for 2024 at 2.5% to 3.5%, a sign of Hong Kong's resilient economic fundamentals.
Hong Kong, as a major global trade and financial hub, is bouncing back from the challenges of the past few years. The city's tourism sector is also showing strong signs of recovery, with about 25 million visitors in the first seven months of the year—a 52% increase compared to last year. This surge includes 19.3 million visitors from mainland China, a 47% year-on-year rise, driven by new travel initiatives that allow more Chinese cities to visit Hong Kong independently.
These developments are expected to further boost Hong Kong's economy, particularly in the trade and services sectors, as increased tourism and strong export performance contribute to the city's ongoing growth. The positive outlook for trade in Hong Kong underscores its critical role in driving the region's economic success.
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