The latest unemployment rate in Hong Kong announced on Tuesday (20th) hit a 16-year high, rising to 6.4%, with the number of unemployed rising by more than 10,000 to nearly 260,000, although the underemployment rate remained at 3.8%.
Mr. Lee Shau Po, a senior lecturer at CUHK Business School, believes that after the “Preserving Jobs” program ends next month, Hong Kong’s unemployment rate will see a relatively large rise, possibly to over 7%, with tourism-related industries being the hardest hit.
In addition, there are reports that Cathay Pacific Airways will soon announce that it will lay off 5,000 employees. There are indications that the unemployment situation in Hong Kong will continue to worsen.
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