The unemployment rate has dropped to 4.7%, as measured in the three months period ending in August. This marks the lowest unemployment rate Hong Kong has seen ever since the January-March period in 2020.
The previous rate being 5% spanning May to July indicates that the Hong Kong economy is indeed on the way to recovery. Around 187700 people are still out of work, a decrease of around 10700 from the last time it was measured.
Unemployment rate has fallen across almost all sectors, except for F&B where it remains constant.
All these could be attributed to the easing of COVID-19 measures, which boosts consumption within the economy. The government had previously disbursed e-vouchers, which encouraged expenditure from residents.
A scheme by the name of “Come2HK” that allows 2000 non-Hong Kong residents to enter Hong Kong via Macau and Guangdong without having to go through quarantine has also brought in many visitors, hence boosting the local economy as these visitors spend on tourism related industries.
Still, these visitors would have to face quarantine upon their return to the mainland; that did not seem to dampen the enthusiasm however, as seen from the 1000 bookings within the first hour of the scheme being launched.
Though this is not quite opening up to the mainland entirely, this is still a positive step taken towards fully opening one way. As of now, this scheme mostly benefits people who have urgent business in Hong Kong, or staying long term such as starting their studies.
Overall, the situation has improved, and will continue to improve in Hong Kong.