Yet more relief for battered economic sectors

Local | 3 Dec 2019 12:20 pm

Hong Kong will roll out yet more relief – once again, to help battered economic sectors.

The Chief Executive Carrie Lam Cheng Yuet-ngor said today ahead of her weekly meeting with advisers, that the Financial Secretary will announce the inititiaves.

She did not elaborate.

Lam also said she expects unemployment to further worsen.

In the October quarter, the unemployment climbed to a two-year high of 3.1 percent.

The joblessness in retail, accommodation and food services, climbed to 5 percent for the August-October period. It was the highest since early 2017. 

A little more than a month ago, Hong Kong offered measures worth HK$2 billion after relief of K$1.4 billion in September, and  HK$19.1 billion in relief in August.

In the third quarter, Hong Kong's economy shrank by  2.9 percent from a year earlier, after an anemic 0.4 percent growth in the second quarter. The third quarter contraction marked the first year-on-year decline since the Great Recession of 2009.

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