| Abstract | The recent weakness in consumer sentiment is a cyclical phenomenon, caused mainly by the negative wealth effect brought about by falling property and stock prices, and the slowdown in tourist arrivals. Stability in the property market, a projected increase in tourist arrivals, and continued growth in export and investment spending are all expected to result in an improvement in consumer sentiment, boosting retail sales. In 1995, retail sales are expected to maintain a steady 5% growth in real terms. |
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