XN000022-1988-03-02 — Page 17

WEDNESDAY, MARCH 2, 1988

FORECAST THIS MR

SAID JACOBS

THAT GIVEN THE TIGHT CONCLUSIONS:

ΤΟ REMAIN UNEMPLOYMENT RATE WAS REDUCED RATE OF ECONOMIC

LIKELY

GROWTH;

HIM TO LED

MARKET LABOUR

LOW THIS

THE IN YEAR

FOLLOWING

1987 THE

AND THAT AS

THAT THE RATE OF INFLATION

TOTAL

A WAS FINAL THAN THE SUPPLY OF

ΤΟ HAVE

DESPITE

BE MET BY

EXPECTED TO AVERAGE ABOUT SEVEN PER CENT; DEMAND IN THE ECONOMY WAS LIKELY TO RISE FASTER WOULD DEMAND IN OUTPUT, SOME OF THIS ADDITIONAL IMPORTS.

GROWTH

"THUS, OUR IMPORTS ARE FORECAST TO GROW BY 9.5 OUR RETAINED IMPORTS BY SLIGHTLY OVER SEVEN PER CENT,

A

PER CENT, AND HE SAID.

DETERIORATION

SLIGHT FURTHER "THIS, COUPLED WITH TERMS OF TRADE, SHOULD RESULT IN AN INCREASED VISIBLE

THE ARGUMENTS GIVING FURTHER WEIGHT TO SOME OF

HE ADDED. REVALUATION OF OUR CURRENCY,

11

IN THE

TRADE DEFICIT,

AGAINST

ADVANCED I

MR JACOBB FORECAST THE GROWTH RATE OF THE GDP

IN MONEY TERMS

AT ABOUT 13 PER CENT IN 1988.

CAPITA GDP WOULD

THUS REACH ABOUT

"AT CURRENT PRICES, PER $72,000, EQUIVALENT TO US$9,200," HE SAID.

STRATEGY FOR PUBLIC FINANCES IS STABILITY

TODAY

THE

PRESENTING HIS BUDGET SPEECH IN THE LEGISLATIVE COUNCIL

STABILITY IN (WEDNESDAY), THE FINANCIAL SECRETARY, THE HON PIERS JACOBS, SAID AIM OF THE STRATEGY FOR PUBLIC FINANCES WAS TO MAINTAIN PUBLIC EXPENDITURE GROWTH.

"THIS STRATEGY

DEVELOPMENT OF GOVERNMENT

ESSENTIAL IS

SERVICES

TO THE AND THE

ORDERLY AND EFFICIENT OF OUR TAX STABILITY

SYSTEM," HE SAID.

THROUGH "IT IS ONLY

PRUDENT AND CAREFUL

INVOLVES LOOKING AHEAD A NUMBER OF YEARS, THAT WE CAN ENSURE THAT

WHICH

MANAGEMENT,

GOVERNMENT'S FINANCES

"

AFFECTS OUR ECONOMY,

NOT DO HE SAID.

ADD

THE TO

VOLATILITY INNATE

THE

THAT

MR JACOBS SAID

FACTS OF OUR ECONOMIC EXPERIENCE CONSIDERABLE YEAR TO YEAR VARIATION AS IT WAS ON THE PERFORMANCE OF OUR ECONOMY.

CONTINUED UNCERTAINTY AND VOLATILITY

AND LIFE,

INEVITABLY, ALMOST

то BE WOULD IN REVENUE DEPENDENT

WE

/DESPITE THE