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Economic boom pushes Hongkongers to top of the international optimism league

Dennis Eng

Hongkongers are the most optimistic in the world about their prospects this year, though they are less bullish than they were a year ago about how 2007 would turn out.

More than seven in 10 people surveyed in 54 countries and regions believe this year will be better than last. In second place was Kosovo - the Serbian province whose Albanian majority expects an imminent declaration of independence - followed by Colombia and New Zealand.

Among the most pessimistic were Taiwan, Indonesia and the Philippines - where one in three expect this year to be worse than last.

Still, Hongkongers are less confident now than they were four years ago, when the city was only months into its recovery from the deadly outbreak of severe acute respiratory syndrome.

Information group TNS and Gallup International polled more than 50,000 people worldwide between October and December.

Thomas Isaac, director of research services at TNS Hong Kong, attributed local optimism in part to the strong economic growth the city had seen last year.

'Real GDP increased by an annualised rate of 6.1 per cent in the nine months up to September. Total exports grew by a strong 9.6 per cent on a yearly basis in the 10 months up to October. Unemployment fell to 3.9 per cent between August and October, and the Hong Kong stock market also performed exceptionally throughout most of the year,' he said.

'Mainland China also continued to enjoy strong economic growth ... boosted by the business and employment opportunities created as a result of the Beijing Olympics.'

Reflecting the past year's fortunes, 58 per cent of people in Hong Kong expected another prosperous year, up from 54 per cent a year ago. Fifty-four per cent believed unemployment would fall further.

Property prices and the 39 per cent rise in the Hang Seng Index last year helped boost household wealth.

However, corporate losses and financial market unease in the US amid the continuing crisis over assets linked to subprime mortgages - home loans to people with poor credit histories - have dampened the outlook for global growth this year.

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