On May 31, the International Monetary Fund (IMF) Executive Board issued an assessment report after summing up Hong Kong 2023 Article IV Consultation Discussions. The report mentioned that the talent shortage is becoming a prominent concern with the significantly declining labor force in Hong Kong during the past few years.
The IMF pointed out that the impact of the local economic challenges has extended to the labor market, and the problem with talent shortage is alarming.
Even though the unemployment rate in the first three months of 2023 has dipped from 7.2 percent in February 2021 to 3.1 percent, the total number of employed people has only increased by a meager 0.9 percent, which means that the overall labor force has declined significantly in the past few years….