Hong Kong 2001 GDP growth forecast cut to 4.0 pct from 5.0 by ING Barings

HONG KONG (AFX-ASIA) - ING Barings has revised downwards its forecast for Hong Kong's 2001 GDP growth to 4.0 pct from 5.0, ING Barings chief economist Tim Condon said.	    He said the forecast was lowered in line with concerns over developments in the global economy.	    He said his forecast is in line with the Hong Kong government's forecast, adding that domestic economic growth is expected to be supported mainly by strong growth in mainland China.	    Condon said his GDP forecast may look slightly more positive than those by other research houses.	    "Our competitors may have a worse outlook on the global economy," he said, but added that there are no reasons to overly bearish on Hong Kong.	    Condon said he expects the U.S. economy to grow by 1.6 pct in 2001, down from the earlier forecast of 2.8 pct.	    He said he expects the U.S. Federal Reserve to cut interest rates by a further 75 basis points in the second quarter. 

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