United Arab Emirates’ human resources and emiratisation ministry’s chief labour economist cum advisor to the Minister, associate professor Dr Mohd Yusof said Malaysia’s economic growth will not be spared and is expected to moderate to between 4% and 5% in 2023 from the estimated 6.5% to 7% this year.
Although unemployment was 3.7% in July 2022 versus 4.2% in January 2022 – the lowest since February 2020 – the rate was still higher than the 3.3% in pre-pandemic 2019, he said. He said the government had allocated at least RM99.7bil in Budget 2023 to cover end-to-end labour market ecosystem which encompasses labour supply and demand to further improve labour market conditions.
According to Mohd Yusof, the direction to reform the economy was much clearer in Budget 2023, given the significant budget allocation to spur high quality investment in the strategic sectors, create high-skilled jobs and incentivise digitisation and automation.
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