Standard Chartered Liu Jianheng: The unemployment rate in Hong Kong is expected to remain high or even rise again in the next few months

Financial News

Author: Hu Xueneng

2021-02-18 19:12

Last update date: 2021-02-18 19:12

Hong Kong recently announced that the unemployment rate from November last year to January this year rose to 7%. Liu Jianheng, a senior economist for Standard Chartered Greater China, said that this is worse than market expectations, reflecting that although China's economy is improving, vaccinations have been launched in many places around the world. Plan, but the fourth wave of the local epidemic and the subsequent tightening of social restrictions will have a serious impact on the local economy.

The underemployment rate of the overall market in Hong Kong rose by 0.4 percentage points to 3.8% during the period, and the underemployment rate in consumer and tourism-related industries increased by 0.9 percentage points to a record high of 6.6%.

He pointed out that this shows that the labor market in Hong Kong is still under pressure in the short term. Although the government has begun to relax some social restrictions from today, the bank believes that the consumption situation in Hong Kong will not immediately improve significantly. The public is worried about employment and economic prospects. Prudent financial management, the labor market will continue to weaken.

The bank estimates that the unemployment rate in Hong Kong will remain high in the next few months, or even rise further, until the economic situation improves in the second half of the year.

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