Pepper Att vara alla va kisah oʻmagale came back uptorý v jatkok, we kama Mher butt-ter
in manufacturing in Jane was the highest on record.
Though the September figure showed a slight decline this
was more than offset by an increase in the services sector,
and the total employment figures for September recorded the
highest number of people ever employed in Hong Kong.
8.
Drastic reduction in illegal immigration has been
a great relief. Our population is estimated to have increase
by 1.7% in 1931 compared with 3.2% in 1978, 5.1% in 1979.
and 2.6% in 1980. While I would still like to see the
number of legal immigrants reduced, this is a much improved
situation. We can now get back on to the course in which
economic growth reflects higher productivity and an improved
standard of living, and not just more people working.
The
latter situation frustrated the incentive to technological
advance and higher productivity on which I am sure our
future depends.
9.
Apart from the uncertain worldwide trading
conditions, the main defect in the economy last year was
inflation. At 15% the rate of increase of consumer prices
was no less than in 1980. Although world food prices have.
been fairly stable, prices for the types of food that we
import increased rapidly, and in particular the fresh food
items. To some extent this reflected movement in the
exchange rate during the year, but not entirely.
10.
Many factors produced the inflation of the last two
years. Some were imported and outside our control; some,
though domestic, eluded our control. In particular the