HONG KONG -- Hong Kong's economy is expected to grow 2 to 3 percent in 2025, the financial secretary of the Hong Kong Special Administrative Region (HKSAR) government said on Wednesday.

While delivering the 2025-26 budget at the HKSAR's Legislative Council, Paul Chan said that Hong Kong's economy progressed steadily amid a complicated and changing environment in 2024. The country's economy is making steady progress and has rolled out measures benefitting Hong Kong one by one.

Together with the HKSAR government's initiatives to boost the economy and interest rate cuts by the US since mid-September, they all provided support to different economic segments in Hong Kong. Hong Kong's economy recorded a moderate growth of 2.5 percent in 2024, Chan said.

Considering factors including the continued stable growth of the mainland economy, the country's domestic and international circulation, expansion of high-standard opening-up, and the gradual easing of monetary policies by major central banks, Chan expected that Hong Kong's economy will grow, on average, 2.9 percent a year in real terms from 2026 to 2029.