Hong Kong Scales Back Forecast: The Hong...

Hong Kong Scales Back Forecast: The Hong Kong government revised the forecast for the British colony’s gross domestic product in 1990 to 2.3% from 2.5% predicted in August. It also revised the inflation rate to 9.7% from 9.5%. The government’s chief economist, K. Y. Tang, said the colony’s economy could have been harder hit by the slowdown in domestic exports to the United States, Britain and Japan if not for continued strong growth in re-exports. A government statement said domestic exports in the third quarter continued to decline by about 2% in real terms over a year earlier while imports rose about 12% in the same period.