Hong Kong Govt to create 250,000 jobs

Hong Kong's government aims to create 250,000 jobs by launching 10 big infrastructure projects in 2009, its financial secretary said on Saturday, in an effort to slow the growing jobless rate in an economic downturn.

"The Hong Kong SAR government will facilitate the launch of 10 major infrastructure projects next year, hoping to bring in 250,000 jobs," John Tsang said in a radio programme, adding he had urged all government departments to propose ways of creating more jobs. He gave no time frame for the 250,000 job target.

Tsang had said earlier this week that he expected Hong Kong's economy to worsen in coming few months. The government recently cut its 2008 GDP growth forecast to 3 to 3.5 percent from 4 to 5 percent.

The unemployment rate rose to 3.5 percent in August-October, from 3.4 percent in July-September quarter. The government said the jobless rate was a lagging indicator and had yet to truly reflect the impact of the global financial crisis.

Economists see it topping 4 percent within a few months as Hong Kong is now in recession and as a trading and financial hub is being hit by the global economic downturn.

The jobless rate has come down from a record 8.5 percent in the past five years as the economy has rebounded, but it now looks set to rise sharply in the next year as a global economic downturn hurts Hong Kong businesses.

India to have 1 million new jobs in 2008

Almost three months back Ma Foi, one of India's largest HR consultancy firm had a survey upon employment trends in India and as a result predicted a three per cent increase in employment in 2008. According to the survey, it is good news for those fresh out of college or for those who are keen for a job change.

The largest chunk of the new jobs according to the survey would be generated by hospitality sector which is riding high with the tourism boom in the country. "The Hospitality sector will generate the maximum number of employment in 2008.

426,668 jobs are going to be generated by the Hospitality sector. This sector is closely followed by Health at 295,829 and Education Training & Consultancy at166,005," says the survey.

It adds that an estimated USD 11.41 billion is expected to be seen in the Hospitality sector in the next two years andthat India is likely to have around 40 international hotel brands by 2011.

The boom in the tourism industry has had a cascading effect on the hospitality sector, which was a result of the increase in the occupancy ratios and average room rates. With the demand continuing to surge, many global hospitality majors have evinced a keen interest in the Indian hospitality sector.

Pandia Rajan, Managing Director, Ma Foi Management Consultants Ltd. While, IT and ITES sector continues with high growth in recruitment at 7.3 and 7.2 per cent, the survey says that it is the Health sector which shows the highest growth in recruitment at 8.9 per cent.