Hong Kong jobs availability increase 6% from Q1

Even though professionals are holding back.

The IMD World Competitiveness Centre rated Hong Kong as the world’s most competitive economy. Its low and simple taxation model helped it rise from its number 2 position in 2015, to just ahead of Switzerland and the United States.

According to a research note from Morgan McKinley, nevertheless, the outlook is far from rosy. Q1 saw quarterly economic growth hit a four-year low. Ongoing stock market volatility, as well as poor performance in retail and property markets all contributed to what amounted to a mere 0.8% growth, about half of what had been projected.

With a quarter-on-quarter drop of 22% in professionals seeking jobs, it’s clear that professionals are holding back, said the research note.

Here's more from Morgan McKinley:

There was, however, a 6% increase in jobs available from Q1. Year-on-year, Hong Kong was the only market to have the same number of contract roles available.

Save for very slight salary increases specific to IT developers and middle and back office and risk management VPs, data from Emolument.com show year-on-year salary decreases across IT, risk management, compliance and middle and back offices. Senior compliance managers have seen a year-on-year drop of $20,000 in annual salary, and a halving of bonuses.