Hong Kong's GDP for 2024 is estimated to have grown by 2.5% compared to the previous year.

Many economic indicators returned to pre-pandemic levels, highlighting the positive impact of effective government policies that revitalised the economy and fostered new growth dynamics.

Last year, the Hong Kong government introduced various policy initiatives, including development plans for the cultural, creative, and tourism sectors.

Programs such as the capital investment migration scheme and Greater Bay Area youth employment scheme were launched, and over 200 events, including Financial Events Week and the Global Talent Summit, were held to boost Hong Kong's appeal and energise its economic growth, China Daily reports.

In addition, the Chinese central government introduced several measures to support Hong Kong's growth, including simplifying travel for mainland residents and improving the connection between Hong Kong and mainland interest rate markets. These measures aim to enhance economic integration and facilitate smoother operations between the two regions.

Furthermore, Hong Kong's government in 2024 granted the first land lease renewal beyond 2047, reinforcing confidence in the “one country, two systems” framework.

The region's population continued to grow, surpassing 7.5 million by the end of 2023 and reaching 7.53 million in 2024. This reflects its strong business environment and provides a solid foundation for ongoing economic development.

Despite challenges like the slow global recovery, anti-globalisation trends, and shrinking private consumption, Hong Kong has developed internal economic drivers that help it withstand external fluctuations, helping to support its traditional strengths in finance, trade, and shipping, providing a solid foundation for future growth.