Labour market shows cheering signs: Economists

Kuala Lumpur: Malaysia continued to make progress in the labour market after official data showed the number of employed persons continued to record marginal growth, economists said.

They said the reopening of more businesses permitted to operate during Movement Control Order 2.0 is hoped to spur labour demand although more actions by the government and private sector are needed to accelerate economic recovery, create more job and achieve full employment.

University of Malaya’s Faculty of Economics and Administration senior lecturer Dr Mohammad Tawfik Yaakub said although significant policy support has been put in place, the government is urged to provide more aggressive initiatives to entrepreneurs especially the small and medium enterprises.

He said companies must also continue to explore new export areas. “Domestically, job opportunities need to be created by the rakyat based on market demand,” he told Bernama in an interview.

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Hajiji says positive economic achievements prove Sabah govt’s commitment

Kota Kinabalu: Chief Minister, Datuk Seri Hajiji Noor, emphasised that the positive economic achievements over the past three years underscore the Sabah government’s steadfast commitment to both the administration and development of the state.

Meanwhile, Bank Islam chief economist Dr Mohd Afzanizam Abdul Rashid said the journey to achieve herd immunity would be the critical success factor for a sustainable reopening of the economy

He said the economy is expected to recover but at varying speeds due to the number of Covid-19 cases that continue to make headlines.

He added that several economic sectors such as tourism-related industries, aviation as well as food and beverage would continue to see limited operating capacity and needed to be addressed to stimulate employment.

Last Friday, chief statistician Datuk Seri Dr Mohd Uzir Mahidin said the country’s employment continued to record marginal growth of 0.2 per cent in February compared to the previous month with employment largely seen in particular services segments such as wholesale and retail trade, education, human health and social work activities.

Similarly, he said, the manufacturing and construction sectors continued to register positive month-on-month growth.

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In ensuring positive economic growth, a total of RM1.148 billion had been disbursed by the government to 73,210 employers as of April 9 to enable companies to continue and maintain employment under KITA Prihatin package.

The Department of Statistics Malaysia reported the unemployment rate reached 4.5 per cent in 2020 compared to 3.3 per cent in 2019 due to the health crisis and economic consequences.

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