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HK Govt Report on Manpower Projection: HK May Face Manpower Shortage of 180K by 2028
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The Labor and Welfare Bureau (LWB) published the report on the 2023 Manpower Projection. The projection indicates that Hong Kong is expected to face a manpower shortage of 180,000 by 2028. The Government has been conducting periodic manpower projection (MP) exercises to assess Hong Kong's future manpower supply and requirement trends at a macro level. With 2023 as the base year, the latest round of MP projects the manpower situation five years ahead. Hong Kong's economy is projected to grow by 3.2% annually during the projection period, driving sustained high demand for manpower from major industries. By 2028, the local labor force is projected to slightly increase to 3.56 million. The supply of local manpower would nevertheless fall short to meet the rising demand, resulting in a widening manpower shortage of 180,000, an increase of 130,000 from 2023. Due to an ageing workforce and a lack of new entrants, the projection indicates that there would be a severe shortage of "skilled technical workers", accounting for over one-third of the total shortage in 2028. All selected industries are projected to face manpower shortages of varying degrees. The respective shortage of 10 industries would exceed 10,000 workers. AAStocks Financial News |
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