Hong Kong - More than 60,000 new
jobs will be created by the
Hong Kong government in 2009 to offset the effects of the global
financial crisis, the territory's leader announced Monday. Speaking at the opening of a financial forum in the city of 6.9 million, Hong Kong Chief Executive Donald Tsang said the government had speeded up infrastructure projects to provide the new jobs.
Tens of thousands of Hong Kong construction workers have lost their jobs after the halting of casino projects in neighbouring recession-hit Macau, causing unemployment in the former British colony to rise.
The
jobless rate has risen to 3.8 per cent of the working population and Tsang has already said he expects it to climb above 4 per cent in 2009 as the impact of the global financial crisis deepens.
"Rising unemployment is one of the biggest risks to economic recovery at the moment," Beijing-appointed Tsang said in his speech Monday.
"I am confident we can create more than 60,000 new jobs this year, mostly through fast-tracking infrastructure projects that will help to provide some short-term relief from the economic downturn and contribute to our long-term development."
Tsang warned: "We have a long and difficult road ahead of us in terms of economic recovery. We anticipate negative growth figures for the fourth quarter of 2008 and negative growth for the first half of this year."
However, he added: "With our sound fundamentals, a high-quality labour force, the 'can do' spirit of our people ... I am confident that Hong Kong will rebound strongly from the economic downturn."
Hong Kong officially went into
recession in late 2008 when it recorded its second quarterly economic contraction.
Property prices have slumped, and the Hang Seng Index lost 50 per cent of its value over the course of 2008.
