Hong Kong News
Nonpartisan, Noncommercial, unconstrained.
Saturday, Feb 22, 2025
Real, Diverse, Unbiased.
Recovery, exodus fuel pay hopes
Economic recovery and an emigration wave led to manpower shortages across sectors in Hong Kong and more professionals expecting pay rises next year, according to CPA Australia.
The accountancy body surveyed 214 Hong Kong-based accounting and finance professionals about the local economy. Thirty-six percent of respondents said their companies would increase staff counts, up from 13 percent in 2021.
Fifty-three percent said revenues would increase next year, with 47 percent expecting growth of up to 29 percent.
Where it counts for those polled, 59 percent expect salaries to increase, a huge jump from the compared to the 15 percent just last year.
Anthony Lau Ming-young, divisional president 2020 of CPA Australia's greater China division, said many firms reduced manpower over the past two years due to poor economic conditions.
On top of that, with the economy improving and employees going abroad, many sectors now face a manpower shortage.
Lau also said that as Christmas nears, retail sales growth expectations and a plan to extend opening hours at type-B restaurants will drive manpower demand.
His remarks came after authorities announced on Monday that dining-in services under the type-B mode of operation will be extended by an hour to 10.59pm from tomorrow.
The accountancy body's poll also found 67 percent indicated they expect Hong Kong's GDP to grow next year.
Of these, 52 percent expect the economy to grow by up to 2.9 percent, while 15 percent believe it will grow by 3 percent or more.
About 78 percent expect their company to expand business activities outside Hong Kong in the next three years, with the mainland being the top destination of choice, followed by southeast Asia.
Janssen Chan Ming-yim, divisional president of Greater China, said measures to combat the pandemic and stimulate the local economy, such as the consumption voucher scheme, have supported the SAR's economic recovery and prospects.
"Most respondents are cautiously optimistic about Hong Kong's economic outlook and think the economy will grow at a modest pace," he said.
But respondents also said restrictions on cross-border travel and the pandemic remain the top barriers to economic growth.
"Despite improvements in overall business and economic sentiment, we should be mindful of the risk of an unequal recovery among different industries and the ongoing challenges posed by Covid, such as the emergence of the Omicron variant," Chan said.
He suggested the government adopt several initiatives to support economic growth next year, including developing a roadmap to resume cross-border travel with fewer restrictions with the mainland and some ASEAN countries, as well as promoting green and sustainable finance.
Fifty-three percent said revenues would increase next year, with 47 percent expecting growth of up to 29 percent.
Where it counts for those polled, 59 percent expect salaries to increase, a huge jump from the compared to the 15 percent just last year.
Anthony Lau Ming-young, divisional president 2020 of CPA Australia's greater China division, said many firms reduced manpower over the past two years due to poor economic conditions.
On top of that, with the economy improving and employees going abroad, many sectors now face a manpower shortage.
Lau also said that as Christmas nears, retail sales growth expectations and a plan to extend opening hours at type-B restaurants will drive manpower demand.
His remarks came after authorities announced on Monday that dining-in services under the type-B mode of operation will be extended by an hour to 10.59pm from tomorrow.
The accountancy body's poll also found 67 percent indicated they expect Hong Kong's GDP to grow next year.
Of these, 52 percent expect the economy to grow by up to 2.9 percent, while 15 percent believe it will grow by 3 percent or more.
About 78 percent expect their company to expand business activities outside Hong Kong in the next three years, with the mainland being the top destination of choice, followed by southeast Asia.
Janssen Chan Ming-yim, divisional president of Greater China, said measures to combat the pandemic and stimulate the local economy, such as the consumption voucher scheme, have supported the SAR's economic recovery and prospects.
"Most respondents are cautiously optimistic about Hong Kong's economic outlook and think the economy will grow at a modest pace," he said.
But respondents also said restrictions on cross-border travel and the pandemic remain the top barriers to economic growth.
"Despite improvements in overall business and economic sentiment, we should be mindful of the risk of an unequal recovery among different industries and the ongoing challenges posed by Covid, such as the emergence of the Omicron variant," Chan said.
He suggested the government adopt several initiatives to support economic growth next year, including developing a roadmap to resume cross-border travel with fewer restrictions with the mainland and some ASEAN countries, as well as promoting green and sustainable finance.
