Digital economy growth of 25.5% projected in 2024, ahead of national target“I have been waiting eagerly for this report,” said Vanessa Tan, CEO and owner of HT Consulting Sdn Bhd, of Pikom’s Economic and Digital Job Market Outlook 2023. “It is a very useful data-based report that helps me benchmark how competitive my renumeration policy is so I can compete for talent,” she said.at the Pikom website with the hard copy to be available for sale in the near future.
In its efforts to provide higher accuracy to its report, Pikom also sourced data of 61 specific positions from Payscale and SalaryExpert, two long established US compensation companies.“Salaries were playing catchup after the lower than average growth during the pandemic,” explained Woon Tai Hai, Pikom advisor and research chair who is also a past-chairman of the association. The hike in average tech salaries seen this year was down to the strong 8.
But for this projection to bear fruit, Woon thinks a confluence of factors must come together involving both public and private sector action. “It may sound a motherhood statement, but we strongly advocate the Government give its utmost focus and effort on strengthening the economy, which will lead to a stronger currency and to manage our local inflation so that the purchasing power for our workers can be enhanced.”Another highlight data point from the report was Pikom’s forecast that Malaysia’s digital economy will contribute 24.4% to the overall GDP in 2023, growing to 25.
Alex added that the digital economy’s strategic role in creating employment, “facilitating remote work during and post-pandemic while fostering technological advancements and local innovation has played an intrinsic role in propelling the nation forward.