Expect Hong Kong unemployment rate to rise for sixth straight month amid coronavirus pandemic, top officials warn
- City’s No 2 official Matthew Cheung and finance chief Paul Chan present grim outlook on their blogs
- Chan acknowledges government relief package not perfect, but says at least it will help slow down the jobless rate
Hong Kong’s unemployment rate is expected to rise for the sixth straight month once first-quarter figures are reported, reflecting the battered state of the economy amid the coronavirus pandemic, top officials have warned.
Chief Secretary Matthew Cheung Kin-chung and Financial Secretary Paul Chan Mo-po wrote about the grim outlook on their blogs on Sunday, ahead of the announcement on Monday.
In February, Hong Kong’s jobless rate hit 3.7 per cent, the highest in more than nine years, while the underemployment rate also increased to 1.5 per cent from 1.2 per cent as the economy reeled from months of anti-government protests triggered by the now-withdrawn extradition bill, followed by the pandemic.
Hong Kong has recorded 1,025 infections and four deaths since the first confirmed patient on January 23.
“As jobless statistics for February had yet to reflect the effect of the global pandemic, the rate for January to March can be expected to rise yet again [with the release of new figures],” Cheung wrote.
“The labour market will continue to face huge pressure in the short term. Many businesses will be limiting their employment, while fresh graduates are likely to face difficulties in the peak job-hunting season from May to July.”
