According to a Hong Kong General Chamber of Commerce (HKGCC) survey, the recruitment rate in Hong Kong is expected to slow down, as fewer firms are interested in hiring more employees.
The survey found that hiring intentions are muted, with only 51% of respondents expressing interest to hire more staff. This represents a 10% fall from last year.
“Despite the fact that Hong Kong’s economic momentum may have started to slow, we are not surprised that roughly half of our survey respondents are still planning to hire more staff, given that manpower shortages exist in a wide range of sectors amid a very tight labour market,” HKGCC Chairman Aron Hariela said.
Additionally, the survey also revealed that only 33% plan to make additional capital investment in the city, down from 48% last year.
Meanwhile, more than two-third (76%) of respondents expect growth at less than 3% for next year.
Employees from the transport and logistics, manufacturing, and trading industries were least optimistic about their economic prospects, citing the escalating trade war between China and the United States.