During the period under review, the macroeconomic factors driving the world economy were very much to the fore, with the Iraq war and Sars outbreak centred in the Far East dominating the headlines.

Many people have made their predictions, but it seems at this stage almost impossible to know how long it will take before the Sars epidemic peaks and for Hong Kong and the other parts of Asia to get back to normal.  If the number of cases continues to rise at the present rate, then severe economic consequences can be expected.  In fact, consumer activity in Asia could be measurably reduced for some time.  The leather supply pipeline could also be disrupted by postponed trips for purchasing and inspections. However, remembering BSE, Foot and Mouth etc., it should be borne in mind that incidences such as these are nearly always temporary and mainly psychological in their causes.

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