Hong Kong Unemployment Rate at 7.2%... Highest Since 2004

Confusion Due to COVID-19 and Election Law Amendments, Unemployment Rate Nears 7.9% During SARS Outbreak

[Asia Economy Beijing=Special Correspondent Jo Young-shin] Hong Kong's unemployment rate has exceeded 7%, marking the highest level in 17 years.

Due to the economic recession caused by COVID-19 and social unrest stemming from the election law amendment, the unemployment rate is approaching the level seen during the 2003 SARS (Severe Acute Respiratory Syndrome) outbreak.

Chinese economic media Caixin reported on the 22nd that Hong Kong's unemployment rate was 7.2% from December last year to the end of February. Caixin added that the total number of unemployed people during this period was 261,600.

Caixin stated that the unemployment rate rose by 0.2 percentage points compared to the previous statistical period (from November 2020 to last January).

Caixin explained that the 7.2% unemployment rate in Hong Kong is the highest since 2004 and is close to the 7.9% unemployment rate during the 2003 SARS pandemic.

By industry, employment conditions in trade, education, arts, and entertainment sectors have significantly deteriorated. Additionally, the unemployment rate in retail, accommodation, and food services is 11.1%, with the food service sector alone having an unemployment rate of 14.1%, Caixin reported.

Caixin forecasted that although the employment market remains challenging due to the infectious disease not being fully controlled, the pressure on the employment market will gradually ease as COVID-19 vaccinations begin.

This content was produced with the assistance of AI translation services.