TNAG-1136-FCO40-1416-Address-by-Sir-Edward-Youde--Governor-of-Hong-Kong--to-the-L-1982 — Page 42

15.

The downward revision of the forecast growth rate of the gross domestic product cost, compared with the previously forecast rate of 30, coupled with thoronged public expenditure, means that the public sector will commend a proportionately greater share of the economy'p rgaoucous, this is a cause for

concern.

16.

In Buch circumatendon it in apubly important that

public funda should be spent in the post efficient manner. In recent years¡ sovoral important steps have been taken towards improving officiency audito, The dopign pf a computer-bapod finanofal information system da: aloo well advanced and from next year will provide the data nepecpozy to establish tho true copt of servicos, thereby› saqipping, management decisions and providing a facility. for, kooping fees and charges up-to-date. Subject to the advico..of Bmocusive Council., the Public Finance Bill will be introduced into this Council, this year,, after nearly three years of difficult drążcing, and will provide a statutory backing, to our gyetem of Zinańotal administration which: 'will · Topable financial: dychofitipp, to be more clearly defined.

17.

(c) Diversį Zipation

8

'(1) "Tertiary serviceg

world

· NO · one should doubt the coverity of the world recession, noz -can we be complacent about its effect on Hong Kong, But it should be remembered that our economy does adjust efficiently to changes in the

trading situation. Furthermore, it is now less narrowly bepod. than in the past. In particular, we have soon a, repid growth in the financial and other services sectore as well on a degree of diversification within the manufacturing sector,

· 7

/18. Indeed