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Hong Kong to Face Manpower Shortage
Hong Kong will face a shortage of well educated manpower in the coming five years when the hi-tech and professional sectors are set to surge, the government's "Manpower Projection to 2005" study has found.
The need for workers will grow from 2.9 million last year to 3.3 million in 2005, representing an annual growth rate of 2.4 percent, or an increase of 433,600 jobs in absolute terms, according to the study released November 14.
Meanwhile, manpower supply is projected to grow from 3.11 million in 1999 to 3.38 million in 2005.
Finance, insurance, property and business services will create the biggest demand, with the government forecasting 176,000 new jobs created in the sectors over the next five years.
It is expected there will be a shortage of 116,900 jobs requiring education levels of secondary and above.
"Unless we are able to address this mismatch, we may not be able to take full advantage of the new job opportunities that may arise and this may affect Hong Kong's progressive transformation into a knowledge-based economy," Secretary for Education and Manpower Fanny Law Fan Chiu-fun said at a press conference Tuesday.
Cutbacks in manufacturing look set to continue, with the number of jobs in the sector expected to drop by 51,700 to 196,800 by 2005.
Growth in staffing requirements will be greatest for semi-professionals and professionals, with increases of 47 percent and 40 percent, respectively, from 1999 to 2005.
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