The Financial Secretary of the Hong Kong Special Administrative Region Government, Paul Chan, announced on the 26th that the economic growth rate of Hong Kong in 2025 is expected to be between 2% and 3% for the fiscal year 2025. Chen Maobo stated that the Hong Kong economy will steadily develop in a complex and ever-changing external environment in 2024. Geopolitical instability, intensified trade frictions, and high global interest rates have all had a negative impact on Hong Kong's economic activity and confidence. However, the national economy has made steady progress, with a series of policies supporting and benefiting Hong Kong. In addition, the measures taken by the SAR government to boost the economy and the interest rate cuts initiated by the United States in mid September have provided support for different economic sectors in Hong Kong. He said that the Hong Kong economy still faces a very challenging external environment, while there are also many positive factors. Considering the continued stable growth of the mainland economy, mutual promotion of domestic and foreign circulation, further expansion of high-level opening-up, and gradual relaxation of monetary policies by major central banks, it is predicted that the Hong Kong economy will continue to grow moderately in 2025, with real growth ranging from 2% to 3% for the whole year. The basic inflation rate and overall inflation rate will be 1.5% and 1.8% respectively. Chen Maobo stated that in the medium term, the normalization of monetary policy will help maintain steady growth in the global economy. The global South, especially the mainland, will continue to be an important driving force for global economic growth. The SAR government has been vigorously expanding its economic capacity and strengthening its competitiveness, and has achieved certain results. By actively integrating into the overall development of the country and actively aligning with the national development strategy, we will be able to continue to seize the new opportunities brought by the national and global economic development, and create a bright future Chen Maobo said. Taking into account various factors, he predicts that the Hong Kong economy will experience an average annual real growth rate of 2.9% between 2026 and 2029. The basic inflation rate is expected to be an average of 2.5% per year. The data released in the 2025/226 fiscal year budget of the Special Administrative Region government shows that the Hong Kong economy recorded a moderate growth of 2.5% in 2024. (New Society)