Hong Kong

Hong Kong
Hong Kong’s economy since the early 1990s has been dominated by the finance and real estate sectors. The linked exchange rate system and the government’s tax policy greatly favor capital gains, which accelerated the relentless formation of a bubble economy that eventually burst during the Asian crisis. After nearly two years of widespread recession with profound effects on the labour market, there were signs of economic recovery in the latter part of 1999, followed by double-digit growth (10.5%) in 2000 (although the 1999 base of comparison was low). The structural problem of Hong Kong’s economy involves the rapid deterioration of its real productive base, and the prospects for continued growth are not very bright.

After the economic recovery of late 1999, the unemployment rate for both males and females declined, but the levels were still high in comparison to the low rates of the early 1990s. Despite strong economic growth in the first half of the 1990s, the living standards of production workers in most industries deteriorated. Although changes in the unemployment rate indicate an improvement in the labor situation, work intensity has actually increased, and the quality of employment has deteriorated. Despite being a generally affluent country, nearly a fifth of Hong Kong's population lives below the poverty line.

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Source:
SEPI —
The Social and Economic Policy Institute
Flat A, 15/F, Wing Wong Commercial Building, 557-559 Nathan Road, Yaumatei, Kowloon, Hong Kong
Tel: 852-23849373
Fax: 852-23849057
http://www.sepi.org/

Data posted: June 20, 2001.

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