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| Robust economy boosts confidence all round ( 01/03/2005 ) | |||||||||
In a bullish report published recently, the world financial body predicted that Hong Kong would record a surplus of 0.5 per cent of gross domestic product in the fiscal year ending March 31, 2007.
Strong domestic demand, a surge in tourists from the Chinese mainland and broad-based global growth have all contributed to Hong Kong's economic recovery. In light of the economic rebound in the first three quarters of 2004, the IMF revised its growth forecast for Hong Kong last year to 8.25 per cent, and projects growth of 4 per cent this year.
Welcoming the IMF's positive assessment of Hong Kong, Financial Secretary Henry Tang said: "By restoring fiscal balance, maintaining flexibility in the goods and labour market and addressing our structural challenges, Hong Kong should be able to achieve sustainable economic growth in the medium term."
Consumer spending up
Signs of robust economic growth are reflected in packed shopping malls, hotels and eateries. Hong Kong retailers are among the most upbeat in the region, according to the "Retailer Sentiment Survey-Asia" by Jones Lang LaSalle.
The more promising 2005 outlook has prompted Hong Kong respondents to plan for expansion in the near future, open new stores or have richer product offerings particularly among fashion retailers.
Consumer confidence in Hong Kong also rose to its highest level in 10 years, according to a recent ACNielsen report. "The strong economic confidence is mainly due to a more positive attitude towards the economy and personal finance within the next 12 months," said the report.
Surveys show clear skies
Three separate surveys - two focusing on businesses and one on employee sentiment - also showed that respondents remain upbeat for 2005. Overwhelmingly positive results were reported from tourism and personal services-related firms. In the financial and insurance sectors, 60 per cent of respondents saw clear blue skies ahead.
Similar upbeat sentiments were reported in sectors such as restaurant and hotel, wholesale and retail, property, business services and telecommunications.
Related links Balanced budget possible 2 years earlier Hong Kong retailers set to expand amid positive outlook Consumer confidence in Hong Kong highest in 10 years
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