Asian Tigers: Further Significant Labour Market Improvement Unlikely

Labour market conditions in South Korea, Taiwan and Singapore appear to be firmer than those in Hong Kong. We believe Hong Kong's unemployment rate has bottomed out, and this relative underperformance could be due in part to the recently implemented minimum wage law. Nonetheless, we do not expect the other tigers to enjoy significant employment gains, as our core view of weakening global growth in H211 suggests easing economic activity in all four trade-dependent economies.

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