SPEECH BY THE HONOURABLE P. JACOBS.
FINANCIAL SECRETARY
TO THE HONG KONG SOCIETY OF SECURITY ANALYSTS ON 17 SEPTEMBER 1986
Mr Chairman, Ladies and Gentlemen,
I
to
am grateful to
to the Hong Kong Society of
Security Analysts for giving me the opportunity
speak at this excellent dinner.
2.
In his budget speech in February my
distinguished predecessor, Sir John Bremridge,
indicated improved prospects for economic growth for 1986, as compared with the previous year. He expected
a significant recovery in domestic exports, which
would more than offset a slowing down in re-export
growth. Domestic demand was expected to show moderate
growth, SO that economic growth in 1986 was expected
to be largely export-led. He predicted that the rate
of inflation might pick up a little, reflecting the
effect of a weak US dollar. Whilst Sir John claimed
to be suspicious about the likely accuracy of
forecasts, happily this time the performance of the
economy in the first half of this year was generally
at least as good as he said it might be.
13.
In the