IGI Logo

Rubix Data Sciences is pleased to announce the launch of the second edition of our country insights series, featuring an in-depth analysis of Hong Kong's vibrant economic landscape. Hong Kong's economic engine is revving up again, and Rubix's data reveals a compelling story of a city in rebound mode, with growth forecasts exceeding expectations. Key sectors like tourism and real estate are experiencing a rise, marking a significant turnaround from recent years and suggesting that Hong Kong is well-positioned for a period of renewed prosperity.

Here are a few key highlights from the report:

• GDP Growth Forecast: Hong Kong's GDP is projected to grow by 3.2% in 2024, driven by strong domestic demand and favorable external trade conditions.
• Trade Performance: Hong Kong’s total trade in goods increased by 7.1% in the first quarter of 2024, indicating robust economic activity.
• Tourism Rebound: Tourist arrivals have surged by 50% compared to the previous year, boosting the hospitality and retail sectors.
• Real Estate Market: The residential property market has shown signs of recovery, with a 5% increase in property prices in the first half of 2024.
• 2024-25 Budget Initiatives: The Hong Kong government has launched the 2024-25 budget with measures aimed at revitalizing the economy, including issuing bonds worth HKD 120 billion and extending subsidies for electric vehicles.
• Investment in Technology: The government has allocated HKD 10 billion to support the development of fintech and other innovative technologies.
• Healthcare Spending: The government has increased healthcare spending by 8% to enhance public health services and infrastructure.
• Education and Skills Development: An additional HKD 2 billion has been allocated to improve education and vocational training programs.

Above views are of the author and not of the website kindly read disclaimer