Financial Secretary Discusses Latest Economic Figures

Hong Kong’s Financial Secretary, Mr Antony Leung, met the media on May 30 to announce current GDP results and plans to strengthen the Hong Kong economy.

Pointing to a GDP growth of 4.5% in the first quarter, as compared to 2002’s last quarter growth of 5.1%, Mr Leung said that 4.5% “was still very respectable. The economy was actually doing fairly well until we were hit by SARS."

The negative impact of SARS on tourism and local consumption has caused the Hong Kong Special Administrative Region (HKSAR) Government to revise its GDP forecast for this year from the original 3% to 1.5%. Mr Leung commented that this latter figure is very much in line with forecasts made by private sector economists and some of the international agencies. “I am optimistic that the 1.5% growth can be achieved," he said, noting that the weakening of the US dollar will also help Hong Kong.

Mr Leung cautioned that all Hong Kong citizens must remain vigilant in the effort to contain SARS. With approval from the HKSAR Legislative Council’s Finance Committee for HK$1 billion to relaunch the Hong Kong economy, Mr Leung said that, “we hope that the Hong Kong economy will go back to a growth path in a reasonable period of time. Right now we are telling the world that Hong Kong is a safe place to visit and at the right time we are going to tell them that Hong Kong is worth a visit."

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