CONFIDENTIAL # T
Speech by Financial Secretary to
H.K. Society of Security Analysts on 30.9.82
The State of the Hong Kong Economy
My speech tonight sets out the present state of
the Hong Kong economy and revises my budget forecast of
expenditure on the gross domestic product in
in 1982. The
central theme is inevitably the extent to which the
unexpectedly poor performance of the world
is adversely
led
economy
affecting the
as it is by the USA
performance of Hong Kong. This can hardly be a surprise,
though it is a disappointment.
2.
Economists generally agree that the current world
recession is the most severe in fifty years. I would add
my personal belief that only the achievements of a handful
of able and resolute central bankers and ministers have
sustained the international credit structure.
The
many
economies of
forecast to show close to zero growth rates
with unemployment reaching record high levels.
most L.D.Cs is much
industrialised countries are
now
this year,
The lot of
It worse.
is unrealistic to expect
that Hong Kong's economy can insulate itself indefinitely
recession, which is affecting our major export
from this
markets.
Our dependence on external trade is clear.
G.F. 326
CONFIDENTIAL ##