Hong Kong economy sustains growth as tourism, stocks rebound
The Hong Kong economy has seen five consecutive quarters of growth, primarily driven by a revival of inbound tourism alongside the continued recovery of the stock market.
Hong Kong economy sustains growth as tourism, stocks rebound
The Economics of Geography

Hong Kong economy sustains growth as tourism, stocks rebound

Photo: iStock
Eurasia 10/05/2024 08:00

The Hong Kong economy has seen five consecutive quarters of growth, primarily driven by a revival of inbound tourism alongside the continued recovery of the stock market.

The surge in Hong Kong's inbound tourism was a key factor driving the city's first-quarter economic growth. With an increasing number of visitors to the city, services output is steadily rising, as highlighted by Financial Secretary Paul Chan Mo-po, Global Times reported.

Hong Kong's economy has maintained a favorable growth trajectory this year, with an accelerating trend overall. This can be attributed to a substantial adjustment of the economic structure following the COVID-19 pandemic, Cong Yi, a professor at the Tianjin University of Finance and Economics, told the Global Times.

More notably, the sustained recovery of the mainland's economy has bolstered Hong Kong's growth and reinstated market confidence in its economic performance, Cong said.

As a front-runner in China's opening-up, Hong Kong is actively driving economic integration with the Greater Bay Area, which offers significant momentum and opportunities for its economic development.

Hong Kong's real GDP grew 2.7 percent year-on-year in the first quarter of 2024, the fifth consecutive quarter of growth. After seasonal adjustment, the quarterly growth rate stood at 2.3 percent, according to data from the Census and Statistics Department.
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