(Policy Address) Lam says economic downturn, labor market impact surface gradually
Wednesday, October 16, 2019
The Chief Executive Carrie Lam Cheng Yuet-ngor said in her third policy address that the impact of the economic downturn on the labor market has surfaced gradually as Hong Kong has already slipped into a technical recession since the third quarter.
“The unemployment rates of the more affected sectors such as retail, accommodation and catering services have been rising progressively, while labor demand in the import or export trade sector has weakened considerably. The local labor market will face increasing pressure of layoffs in the near term,” she said.
Lam also said the government is very concerned about the pressure borne by small and medium-sized enterprises and members of the public amid an economic downturn.
“Apart from implementing the package of support measures announced in the past two months as soon as possible, we will keep in view of the situation and, when necessary, introduce other measures to help enterprises and the public tide over difficult times.”