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Hong Kong’s economy grew 3.5 percent year-on-year in the first nine months. Thanks to the economic growth, the labor market is likely to remain tight, noted DBS Bank in a research report. Recovery in inbound tourism and domestic consumption should underpin the labor market.
The seasonally-adjusted jobless rate is projected to remain at a 20-year low of 2.8 percent. Looking forward, the external uncertainties including the Sino-U.S. trade friction and global economic slowdown warrant particular concerns.
“The demand for labor, of which over 10 percent comes from the import/export trade and wholesale sectors, is set to slow”, added DBS Bank.