Unemployment will not improve for some time, the Financial Secretary warned yesterday.
Briefing legislators on the economic outlook, Donald Tsang Yam-kuen said a number of economic indicators had shown a 'V-shaped rebound' - a sharp decline followed by a sharp pick-up - except the unemployment rate, which has remained around six per cent since the first quarter of this year.
Gross domestic product, tourist numbers, total exports and volume of retail sales had all rebounded, Mr Tsang said. He described the situation as 'still worrying'.
Unemployment increased from about 2.2 per cent in the third quarter of 1997.
A sustained recovery would be necessary before employers expanded their businesses and hired more staff, he said.
'I believe the unemployment situation will not improve obviously until 2000,' Mr Tsang said.
