The Economy
1.
Hong Kong
has
avoided the recession which has
It continues
afflicted
to show
a
growth
rates
in
response
world
some of our major trading partners.
resilience which allows significant recovery in to even moderate improvement in
trading conditions.
In 1990, GDP growth rate was 3%;
in 1991 it was 4% and is expected to be 5% in 1992.
2.
Inflation
remains high but it will fall to 9.5%
in 1992,
from an average
of 12% in 1991. The Financial
Secretary has designed his Budget package to ensure that it
does
not
increase
inflationary
pressures, supported by a
special effort
to
that see
the
tax concessions mainly
benefit the general public.
Expenditure
3.
Encouraging
economic
performance permits
increased government spending both
on improved public
services and on
the
infrastructure.
expenditure will
Total governmene
increase by 6% in real terms or 16% in
money terms.
'S'I'O
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