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Home >> Business
UPDATED: 08:04, March 03, 2005
HK's unemployment rate predicted to fall further
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Hong Kong Special AdministrativeRegion government economist Kwok Kwok Chuen predicted here Wednesday Hong Kong's unemployment rate will fall further in the coming months from the current 6.4 percent figure.

Kwok noted that while Hong Kong's structural unemployment issues need to be acknowledged and tackled, the problem should be put in perspective.

The latest unemployment rate in the services sector, which accounts for about 85 percent of Hong Kong's employed workers, is 4.5 percent. And within these services industries, relatively highlevels of unemployment are seen in the retail and restaurant sectors, the economist said.

"The vibrant growth in the tourism industry and the growth momentum in the economy currently should help improve the employment situation in these sectors in the coming months," Kwok said.

Kwok said due to a rapid transformation of the economy into higher-value-added or knowledge-based activities, and aging of theworkforce, the unemployment rate for Hong Kong as a whole is expected to remain somewhat high over the medium term.

"But with a continuous improvement in the economy, unemploymentrates in most sectors are expected to come down further in the coming months," he said.

Source: Xinhua


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