Hong Leong Investment Bank Research, in a report, said the labour market would be fuelled by new job-related initiatives to be implemented under the retabled Budget 2023.
Kenanga Research, on the other hand, revised its unemployment rate forecast for 2022 down to 3.8% from its previous estimate of 3.9%, given the robust improvement in the labour market condition backed by various policy support as well as the continued recovery in the tourism and transportation sub-sectors.
Last week, the Statistics Department reported that unemployment in the country had dropped to its lowest since the start of the Covid-19 pandemic, to 602,000 individuals in October compared with 605,000 in September.
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