WEDNESDAY, AUGUST 22, 1984
+AT THE VERY LEAST, THEY ARE GUILTY OF OVERLOOKING THE FACTS OF OUR RECENT ECONOMIC PERFORMANCE AND OF FOCUSING ON SELECTED ELEMENTS IN THE BALANCE OF PAYMENTS, WITHOUT PROPER REGARD TO THE MANY DIFFERENT PLUSES AND MINUSES WHICH FORM THE OVERALL PICTURE, + HE SAID.
ON THE HONG KONG ECONOMY AS A WHOLE, MR LATTER POINTED OUT THAT IT HAD PERFORMED IMPRESSIVELY, IN A MANNER WHICH CONTINUES TO BE THE ENVY OF THE TERRITORY'S COMPETITORS.
SOME SCARS OF A CONFIDENCE CRISIS WERE BORN BY THE FINANCIAL AND PROPERTY MARKETS, AND A WAIT-AND-SEE ATTITUDE HAD TO A DEGREE AFFECTED INDUSTRIAL INVESTMENT.
+WHATEVER ANXIETIES THERE HAVE BEEN, HONG KONG HAS BY AND LARGE GOT ON WITH THE JOB OF BEING HONG KONG, HE SAID.
HE POINTED OUT THAT OVERALL LIVING STANDARDS IN HONG KONG, AS MEASURED BY PER CAPITA GROSS DOMESTIC PRODUCT IN REAL TERMS, HAD ADVANCED BY ABOUT 10 PER CENT OVER THE PAST TWO YEARS.
+ IN THE THIRD QUARTER OF 1982 UNEMPLOYMENT WAS 3-1/2 PER CENT AND RISING RAPIDLY TODAY IT IS BACK AT ABOUT 3-1/2 PER CENT AND STEADY -- A FIGURE WHICH ANYWAY PROBABLY REPRESENTS VIRTUALLY FULL EMPLOYMENT.
+ IN AUGUST 1982, THE ANNUAL INFLATION RATE WAS STEADY AT AROUND 10 PER CENT, TODAY IT IS NINE PER CENT AND DECLINING.
+TODAY DOMESTIC EXPORTS ARE RUNNING SOME 35 PER CENT HIGHER IN VOLUME THAN TWO YEARS AGO. THE VISIBLE TRADE GAP HAS SHRUNK FROM NINE PER CENT TO FIVE PER CENT OF THE IMPORT BILL, AND, TAKING ACCOUNT OF OUR HABITUAL SURPLUS ON TRADE IN SERVICES, IT SEEMS PROBABLE THAT TRADE IN GOODS AND SERVICES TOGETHER IS ACHIEVING ROUGH BALANCE FOR THE FIRST TIME FOR SEVEN YEARS,+ HE SAID.
HE NOTED THAT FIXED INVESTMENT WAS NOT SO BUOYANT AS IT SHOULD BE AT THIS POINT IN THE ECONOMIC CYCLE AS PROPORTION OF GDP IT HAD DROPPED FROM 32 PER CENT IN 1982 TO PERHAPS 27-28 PER CENT THIS YEAR.
+BUT THIS IS STILL A HIGH FIGURE BY INTERNATIONAL STANDARDS. MOREOVER. MUCH OF THE DECLINE HAS BEEN IN THE PROPERTY SECTOR- INVESTMENT IN INDUSTRIAL PLANT AND MACHINERY THIS YEAR WILL IN ALL PROBABILITY TURN OUT TO BE HIGHER IN REAL TERMS THAN IN 1982, + HE SAID.
MR LATTER ALSO ELABORATED ON THOSE AREAS WHERE THE RECORD WAS LESS IMPRESSIVE.
FARD