Government sees “significant” drop in Hong Kong jobless

The unemployment rate stood at 6.8% in March, down from the record of 7.2%.

The number of unemployed in Hong Kong is expected to fall further in the near future after the City’s economy expanded 7.9% in the first quarter.

The jobless rate, as reported by the Census and Statistics Department (C&SD), declined to 6.8% in March after it peaked to a 17-year high of 7.2% in February.

“It can be expected that, as the economy and the epidemic continue to improve in the near future, the latest unemployment rate and underemployment rate to be announced will further decrease significantly,” Financial Secretary Paul Chan Mo-po said in his blog.

This comes ahead of the unemployment and underemployment statistics report of the C&SD for February to April 2021.

Read also: Jobless rate fell to 6.8% in March, as fourth wave receded

Secretary Chan added that controlling the spread of the COVID-19 outbreak is expected to have a more direct impact in improving the economy and the job market.

“In order to make the economy and the job market continue to improve, I hope everyone will actively participate in the vaccination plan and encourage family members and relatives to get vaccinated,” he said.

Hong Kong’s gross domestic product (GDP) expanded 7.9% year-on-year in the first quarter of the year, ending six consecutive quarters of contraction amidst the pandemic. This was revised up from 7.8% intially reported.

In the same blog, Secretary Chan pushed for the implementation of strategic plans in the development of Hong Kong’s green finance market.

This involves the promotion of formulating international regulatory requirements and standards as a guide for financial institutions for climate risk managements, and the adoption of the “Common Green Classification Catalog” to ensure Hong Kong’s standards are in line with China and the international community amongst others.

“It will be possible to successfully promote the low-carbon transformation of Hong Kong’s economy and at the same time enhance Hong Kong as a greener in the Greater Bay Area The status and competitiveness of the financial center,” he said.

“A green future is an important part of sustained economic growth, and it can also provide more job opportunities.”