(a) The Economy
20
37.
Ι make no apology for starting with the economy.
Economic
standards.
success is
the only
guarantee of our living
Without
continued
economic growth, we cannot
maintain, let alone improve on, the ambitious programmes we
have undertaken to upgrade our social and other services.
38.
The prospects for 1992 look good. There are good
grounds for being reasonably optimistic about the economic
outlook in the medium term. The international situation is
very different from when I last addressed the Council.
39.
the
last year, the world faced a crisis in
In October
Middle East.
economies were in recession.
an
Some of the most important world
Locally, we were some way off
agreement with China over our new airport. All this had
cast a shadow over our economic prospects.
40.
NOW, a year on, the success of the international
forces in the Gulf has removed a major threat to world
And the agreement with China on the new airport has
the way for another decade of economic expansion in
peace.
cleared
/Hong
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