The Economy
1.
Hong Kong
has
avoided
the recession which has
afflicted
It continues
to show
a
growth rates
in response
some of our major trading partners.
resilience which allows significant recovery in to even moderate improvement in
In 1990, GDP growth rate was 3%;
world trading conditions.
in 1991 it was 4% and is expected to be 5% in 1992.
2.
Inflation remains high but it will fall to 9.5% of 12% in 1991. The Financial
Fin in 1992,
from an average Secretary has designed his Budget package to ensure that it inflationary pressures, supported by a
does
not increase
special
effort
to
that see
the tax concessions mainly
benefit the general public.
Expenditure
3.
Encouraging
economic
performance permits
increased government spending
spending both
on
improved public
services and on the
infrastructure.
Total
government
expenditure will
increase by 6% in real terms or 16% in
money terms.
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