The Financial Secretary of the Hong Kong Special Administrative Region, Mr Paul Chan, unveiled his 2024-25 Budget on 28 February 2024 in the theme of "Advance with Confidence. Seize Opportunities. Strive for High-quality Development."
Looking back in 2023, Hong Kong economy returned to normalcy in the aftermath of the pandemic and registered a 3.2% growth. Private consumption expenditure increased 7.3% supported by the Government's Consumption Voucher Scheme. Visitor arrivals bounced back sharply, to about 34 million last year. The labour market continued to improve with the unemployment rate dropping to 2.9% in Q4 2023. Inflation remained moderate in overall terms with 1.7%. For 2024, the economy is expected to grow in a range of 2.5 to 3.5%.
To further support the businesses for recovery, to consolidate Hong Kong's position as a premier destination for business and tourism and to guide industries towards high-quality development, the 2024-25 Budget has announced various measures while stating that a comprehensive fiscal consolidation programme would be implemented to achieve fiscal balance gradually and maintain fiscal reserves at a prudent level
Full text of the 2024-25 Budget
