Taiwan's job market shows signs of recovering as a recent survey by the Council of Labor Affairs (CLA) indicates that an additional 100,500 workers are expected to enter the job market across 10 service and industrial sectors next year.
"Due to the gradual economic recovery in the second half of 2003, as well as the positive economic forecast by the Directorate General of Budget Accounting and Statistics at the Executive Yuan which expects an economic growth of 4.31 percent next year, many service and industrial sectors are expected to increase their work force," the CLA's Department of Statistics said.
Sectors that showed signs of recovery included manufacturing, wholesale and retail, restaurant and hotel, finance and insurance, real estate and property rental, science and technology, medicine and health as well as culture and sports.
In the service industry, 58,690 people are expected to gain employment, 31,251 of which will join the wholesale and retail sector -- the highest number among all the service sectors. According to the CLA, the increase in the wholesale and retail sector is due to a predicted increase in consumer spending.
"The finance sector, which is expected to experience the second highest increase in workforce among all the service sectors, will hire an additional 74,000 personnel due to the recent stock market recovery," the CLA said.
According to the CLA, because of the recovery of the stock market last year, there will be an increase in demand of stock brokers, insurance sales staff and administrative personnel in the finance industry this year.
Tourism, which was deeply affected by the outbreak of SARS in the first half of 2003, will experience a strong recovery this year.
"Due to the strong promotion of tourism in Taiwan in the international arena by the Taiwanese government, there is expected to be an additional 6,500 individuals joining the restaurant and hotel sectors," the CLA said.
Due to the worldwide economic surge, industry is experiencing a strong recovery and 47,000 people are expected to join the industry.
"As there has been a boost in foreign trade as well as domestic production, there will be a large increase of workers in the industrial sector. For instance, the construction sector, which experienced a decrease in employees last year, will have an additional of 1,000 people working in it," the CLA said.