Hong Kong will maintain its economic growth target of between 2 and 3 per cent for this year, the city’s finance chief has said, while describing the anticipated rapid gains in the first quarter as an “exception” rather than the norm.
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Financial Secretary Paul Chan Mo-po also said on Monday that authorities would “prepare for the worst” despite the easing of tariffs amid the US-China trade war, but added that the recent rise in tourism would help offset sluggish domestic consumption.
The government earlier set its growth forecast for gross domestic product at between 2 and 3 per cent for the year, following a 2.5 per cent year-on-year expansion in 2024.
“The overall growth forecast has not been adjusted upwards despite [the first quarter’s] performance,” Chan told lawmakers on Monday.
“That’s because the rapid growth in the first quarter was the exception rather than the norm, and there may be wild changes in the US government’s policy.
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“So we have to manage our risks. We have to prepare for the worst.”