11.2.87
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14.
For 1987, I expect the growth rate of GDP to be
lower than that in 1986, but still satisfactory (6). The
growth rate of domestic exports is likely to slow down,
while that of domestic demand is expected to increase.
Economic growth in our major overseas markets, including
the United States, is expected to be slightly faster than
last year.
The quota restraint limits particularly for
the United States market will probably constrain export
performance. Moreover, if the rate of depreciation of the
US dollar moderates in 1987, as seems likely, the gain in
the price competitiveness of our exports may be less than
in 1986.
15.
As regards China, our trade has been affected by
measures adopted to restrict imports and to control the
use of foreign exchange reserves. Whilst China will need
to import in order to implement its modernisation
programmes, some control measures seem likely to continue.
(6)
See 1987 Economic Prospects'.
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