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Economic diversity needed as unemployment rises

According to the figures released by the Census and Statistics Department, the latest unemployment rate in Hong Kong has risen by 0.1 percent to 3.4 percent, hitting a two-year high. Negative impacts on the labour market begin to surface as weaknesses linger in tourism, the construction industry and the retail sector.

The rise in unemployment is mainly seen in the construction industry and the retail sector, while the rise in underemployment is mainly seen in the construction industry and the catering sector. As the number of visitors continues to decline, the retail sector and consumption market are lacking in drive. Business closures and layoffs are expected to persist, pushing the sectors' unemployment rate even higher.

Relentless filibustering in the Legislative Council has delayed the roll-out of many large-scale infrastructure projects that are proposed by the government. This has caused job worries for construction workers and dragged down the whole economy.

Meanwhile, factors like depreciation of currencies and loosened visa requirements towards Chinese visitors are set to boost the competitiveness of rivals in the region, and mainland tourists might look elsewhere for vacations.

Despite the challenges ahead, there are also opportunities that are up for grasp. While property prices and rents cool down, operating expense for enterprises would drop and thus open up space for developing new industries. In addition, the national 13th Five-Year Plan and the Belt and Road Initiative would also encourage and support the development of Hong Kong's competitive edge.

The government should proactively look to broaden Hong Kong's economic base while accessing global markets and fostering cooperation with mainland China. Besides, it should encourage start-ups among the youth, while introducing economic incentives and favourable policies to nurture entrepreneurship among the public. Employment opportunities would be created when the economy is thriving with new business ventures.¡½Jeffrey Tse [ywc_jeffrey@hotmail.com]

Exercise

1. ©Ô¥¬

2. ¤W°¨

3. ¡u¤Q¤T¤­¡v³W¹º

4. ³Ð·~ºë¯«/¥ø·~®aºë¯«

5. Ävª§Àu¶Õ

6. ´N·~¤£¨¬²v

7. ³f¹ô¶S­È

8. ¡u¤@±a¤@¸ô¡v

9. µô­û

10. ²Ä¤@©u

Answer

1. Filibustering

2. Roll-out

3. 13th Five-Year Plan

4. Entrepreneurship

5. Competitive edge

6. Underemployment rate

7. Currency depreciation/devaluation

8. The Belt and Road Initiative

9. Layoffs

10. First quarter/ Q1

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