TNAG-1609-FCO40-22131-Minutes-and-Hansards-of-the-Legislative-Council-of-Hong-Kong-1987 — Page 92

Economy

Mr Gagant vinde med MANA

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30.

general.

Sir, I now turn with relief to the economy in

Some members including Mr WONG Po-yan, Mr. HO

m. Sai-chu, Mã, Stephen Cheong, Mr. Peter Poon, Br. Kim Cham, Mr.

Helmut Sohmen and Mr. CHUNG Pui-lam have touched upon Hong

Kong's future economic development. There is no doubt that

the crises in the world's financial markets have made more

likely some slowdown in the growth rates of a number of

major economies. Hong Kong, with its high exposure to

external forces, will almost certainly be affected, and in

such an externally-oriented economy there is naturally

limited scope for action.

basically in good shape.

le. Leview la

Nevertheless, our economy is

Trade has been growing rapidly

-

and unemployment is low. As I indicated in my Mid-Year

at the end of September which seems a long time

ago some of our current problems, notably inflation and

shortage of labour, are arising from the fact that our

productive capacity is having some difficulty in keeping up

with demand. These bottleneck problems will probably make

some slowing down inevitable. Recent events could well

accelerate the process.

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31.

If we

But provided the slowdown in our economic growth

is not too dramatic, we should not be alarmed.

maintain our confidence, and if we are lucky enough to see

government's worldwide pursuing policies aimed at fostering

economic growth, while eliminating the imbalances in the

world economy, then Hong Kong should continue to prosper.