Unemployment rate and competitiveness
The unemployment rate remains 6.9%. We have the highest working population exceeding 3.5 million in Hong Kong. Our economy is growing with 6 to 7% this year. High GDP growth rate, low interest, and a high unemployment rate will remain for some time. The IT people worries about job securities although more companies are recruiting more IT professionals. Construction and IT are the two main sectors that have not gained much benefit from the moderate economic recovery. High Oil price and inflation are also threats for delicate recovering economy. Hong Kong economy needs more stimulus in order to lower the high unemployment rate. We need new thoughts and new initiatives.
posted by Sin Chung Kai at
3:08 PM
2 Comments:
Most of the GDP growth is from the increased productivity and output of the service sector especially those sectors serving the tourists from the mainland. IT as a mainly supporting industry would probably lag behind quite a bit in this growth cycle. This is a natural phenomenon. To induce direct positive impact on the IT sector, either there are government spending directly on this sector, which is a controversial move in modern thinkings, or to induce demand on areas where the local IT sector has comparative advantage over other regions. The job of the government is to remove trade barriers and tariffs for overseas markets and to remove red tape and create a fair competition environment in the domestic market.
The market ecology of HK was rooted in the real estate business. Hong Kong people is one of the most highly taxed population in the world through land, and this structure leads to comparative disadvantage of all other sectors. When domestic demand drops low, by nature everything goes south. And when faced with globalisation and China joining the WTO, Hong Kong can go nowhere. Mr. Sin can you accept the challenge for this sector ?
By
Lento, At
Thursday, September 9, 2004 8:09:00 PM HKT
Many politicians are no friend to the payday loans industry. In order to raise voter support they choose to ignore what is best for the citizens. Some states including, Georgia, North Carolina, and Oregon have completely driven out the payday loan companies. Politicians still choose to disregard the benefits of the industry even though statistics in these states show a spike in bankruptcy filings, bounced checks and foreclosures. Even though these negative statistics have come to light, several governors are still trying to follow suit. If the efforts to wipe the industry completely off the map prove successful, some possible repercussions might consist of increased unemployment rates, more debt, more foreclosures and an even more inapt economy.
Post Courtesy of Personal Money Store
Professional Blogging Team
Feed Back: 1-866-641-3406
Home: http://personalmoneystore.com/NoFaxPaydayLoans.html
Blog: http://personalmoneystore.com/moneyblog/
By
David, At
Wednesday, October 1, 2008 12:09:00 PM HKT
Post a Comment
Links to this post:
Create a Link
<< Home