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Despite the unease produced by events of this
year, our economy continues to forge ahead. Indeed, we are
suffering from some overheating, with unemployment at 1.3%
and inflation just in double digits. These are the fruits
of very rapid economic growth an average annual growth in
Gross Domestic Product of 11% in real terms from 1986 to
1989. Last year our per capita GDP reached US$9,600,
second only to Japan in East Asia. We expect some slowing
as the adjustment process takes effect. But we still
anticipate healthy growth into the next decade.
Both our cities are part of the new phenomenon of
Pacific Rim growth. The US now does more trade across the
Pacific than across the Atlantic. This is as clearly
reflected in our own trade figures as it is in the volume
of cargo that passes through Long Beach. Hong Kong's
container port has taken Rotterdam's position. We are now
No. 1 in the world. Our container terminals, like the rest
of our port and most of our utilities, are owned and
managed by private companies. One of them is the American
company Sealand.
Much has been made of the growth of our entrepot
trade with China following the re-opening of China's
relations with the West. The figures are extraordinary.
But the regional figures, excluding China, are remarkable
too. Last year they grew by 45%. The figures highlight