Continuous labour market initiatives crucial to tackling rising cost of living

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Malaysia’s economic growth will not be spared and is expected to moderate to between four and five percent in 2023 from the estimated 6.5 to seven percent this year. theSun theSundaily economy growth costofliving rising labour market Malaysia

: As the global economy is expected to slowdown in 2023, continuous labour market recovery initiatives are extremely important for Malaysia to tackle the rising cost of living, said an economist.

He said the Consumer Price Index for food and non-alcoholic beverages had increased steeply by over four per cent since March 2022. “Cushioning the impact of these uncertainties had resulted in an increase in the total amount of subsidies by the Malaysian Government from RM31 billion to RM77.3 billion this year,” he said.

“Youth unemployment, graduate employability, worker protection and talent development were also addressed in Budget 2023 leveraging on high technology and digital-based growth to further reinforce improving the workforce and living standards,” he said. “For example, hiring incentives under Social Security Organisation encouraged employers to provide job opportunities for disable person, the orang asli community, ex-convicts and women in order to help close the inequality gap.

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