Malaysia's Labour Market Shows Strong Performance in November 2024

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Malaysia's Labour Market Shows Strong Performance in November 2024
Unemployment RateLabour MarketEconomic Growth

Malaysia's unemployment rate remained stable at 3.2% in November 2024, with a decrease in the number of unemployed individuals. Economists are optimistic about the labour market in 2025, driven by strong domestic demand, economic expansion, and sustained labour-force participation.

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The Statistics Department reported that the number of unemployed individuals decreased to 546,700 in November 2024, reflecting a 3.2% unemployment rate.

Hong Leong Investment Bank Research , in a note to clients yesterday, said the continued realisation of approved investments, which increased to RM254.7bil for the first nine months of 2024 from RM230.2bil for the same period a year earlier, is also expected to spur job creation, lending support to household spending.

“These figures highlight accelerated employment growth and expanding opportunities, reflecting the country’s solid economic performance,” the research house said. “Malaysia’s tourism sector is also positioned for robust growth, with the ambitious ‘Visit Malaysia 2026’ campaign targeting 35.6mil international visitors and RM147.1bil in tourism receipts. Notably, the visa exemption period for Indian citizens has been extended until Dec 1, 2026, enhancing accessibility.”

“Despite these uncertainties, however, Malaysia’s labour market remains resilient, with its diverse economic drivers and strategic initiatives poised to support sustained growth and job creation in the years ahead,” said BIMB Securities Research.

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