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| Positive indicators reflect upbeat outlook ( 01/07/2004 ) | |||||||||
International credit rating agency Standard and Poors (S&P) upgraded its long-term outlook on the Hong Kong dollar from negative to stable on the city's strong economic recovery and government attempts to curb the budget deficit. Financial Secretary Henry Tang said S&P's decision "reflects its recognition of Hong Kong's economic fundamentals, financial strength and recent economic recovery." The feel-good factor is also reflected in an AC Nielsen survey which named Hong Kong the second most upbeat consumer market in Asia, with 70 per cent of residents believing the city's economy has improved in the past six months. Bullish forecasts Another survey by human resources consulting group Hudson Global Sources found that nearly half of Hong Kong firms intended to hire more staff in the third quarter of the year. 49.7 per cent of 500 surveyed are planning to add new staff. Hudson's chief executive for Asia, Gary Lazzarotto, said that strong growth is being achieved in nearly every industry with the accounting, financial services and consulting sector being the clear leader. A leading bank and a business chamber also raised their forecasts on the city's growth this year. The Bank of China (Hong Kong) raised its full-year economic growth from 5 per cent to 6.5 per cent, which is 0.5 per cent higher than the government's forecast. The bullish estimate is shared by the Federation of Hong Kong industries which raised its forecast to between 7.5 to 8 per cent from an earlier 6.2 to 6.5 per cent. Polytechnic University's latest Confidence Index for Residential Property stands at 603 which is 47 points up from last quarter indicating a continuing bullish outlook for the residential property market in Hong Kong. The "feel good" factor continues with record visitor arrivals exceeding 1.7 million, the highest-ever April figure. Hong Kong is well on track to meet its target of 20.5 million arrivals, which assumed growth of 31.8 per cent on 2003. Related links | |||||||||
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