Unemployment In Malaysia Article

Covid 19 has definitely highlighted how the gig economy has become an integral part of the new economy.

Unemployment in malaysia article. The unemployment situation among graduates has grown from a matter of gnawing concern to an issue that leaves furrows in the brows of education planners. New straits times nearly 60 000 malaysian graduates are unemployed a government survey has revealed. Malaysia s unemployment rate which was recorded at 10 8 last year was most likely due to the mismatch of skills. Malaysia s unemployment rates have hovered between 3 2 and 3 3 per cent since late last year.

The job deficit has exacerbated malaysia s already high youth unemployment rate of 13 2 per cent in 2017 which was three times the national unemployment rate. Malaysia s august 2020 unemployment rate remained at 4 7 compared to the preceding month based on the nation s estimated 741 600 unemployed persons against an expanded labour force of about 15 9 million people as the country contended with the impact of the covid 19 pandemic according to the statistics department today. Afzanizam said the unemployment rate should subside in the coming months as the economy gradually reopens following the implementation of the conditional mco from may 4 and the recovery mco from june 10. Unemployment rate increased to 3 9.

In a report issued by midf research it stated the figure was influenced by the soaring graduate unemployment rate which spiked to 9 6 and translated to 204 000 people this also made up 40 5 of total unemployment. The high unemployment rate in march 2020 reflects the negative impact of mco on the labour market. A government survey in malaysia finds most graduates unemployed are malays with poor english language skills irrelevant degrees. Malaysia s khazanah research institute kri noted in a study released last december titled the school to work transition of young malaysians that 95 percent of young workers in unskilled jobs and 50 percent of those in low skilled manual jobs are over qualified for these occupations.

The number of unemployed surged 42 6 percent from a year earlier to 741 6 thousand while employment declined by 0 2 percent to 15 15 million. Bank islam malaysia bhd chief economist dr afzanizam abdul rashid and sunway university economics professor dr yeah kim leng when contacted both said the rate came in within expectations. Meantime the labor force gained 1 2 percent to 15 90 million. The unemployment rate in march 2020 increased to 3 9 per cent.