1989-03-14 16:24 COMMS. OFFICE (GOV'T HSE)
852 5 845 0995 P.02
6
rece
as export growth was
halted by slumping world
markets.
and with them the whole economy
Nevertheless, over the decade as a whole, exports
continued to grow at a
rapid pace, fuelled by increasing invest ment in plant and
machinery, new factory buildings and an increasing labour
force. Both exports and GDP more than doubled in real
terms.
11.
In 1976, Hong Kong
recovered from the world
recession more quickly than most other economies and began
another period of rapid expansion with a renewed surge in
trade. This commenced the third period in the story, which
lasted until 1982-3 when the next world recession,
combined
with the
the Sino-British
following the second oil price shock,
political uncertainties accompanying
negotiations on the future of Hong Kong to shake the
economy.
12.
The years from 1976 to 1982 witnessed a more rapid
growth in the output of the Hong Kong economy than
than any
other previous period. Not only did the volume of trade
continue to grow rapidly, but new industries based on
electronics began to play an increasing part. The services
sector also became more significant, particularly tourism,
shipping, aviation and
telecommunications.
During this
period, too, Hong Kong emerged as a major international
financial centre.
There
was a surge in
building
and
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