Malaysia: Up to 60,000 people may lose jobs this year
The Malaysian Employers Federation, the nation’s largest employers' group, fears that up to 60,000 people could lose their jobs this year, double the yearly average of the past, its President Syed Hussain Syed Husman has said.
Syed Hussain Syed Husman, President of the Malaysian Employers Federation. (Photo: bernama.com)
KualaLumpur (VNA) - The Malaysian Employers Federation, the nation’s largest employers' group, fears that up to 60,000 people could lose their jobs this year, doublethe yearly average of the past, its President Syed Hussain Syed Husman has said.
The manufacturing and construction sectors are projected to feelthe largest impact of job losses. However, the Federation of MalaysianManufacturers (FMM) predicted that the job market will remain steady this yearwith a recovery of labour market. The employment rate is expected to decreaseto 3.6% in December.
According to Syed Hussain, the unemployment r𓃲ate will depend on theeconomic situ💯ation, particularly the performance of small and medium sizeenterprises (SMEs) this year.
Around 98% of businesses in Malaysia are classified as SMEs, thus the government's assistance is importantin helping these enterprises weather the impacts of the COVID-19 pandemic. Syed Hussain anticipated that the manufacturing and constructionsectors will experience a decline in growth, while service and retail businessesmay not achieve positive growth as they rely heavily on both domestic spendingand international tourist arrivals. The Central Bank of Malaysia estimated that the economy will growbetween 4%-5% this year. FMM President Soh Thian Lai said the federation is notexpecting significant layoffs this year, noting that Malaysia's growthrate of 8.7% last year has reassured the business sector. With continued efforts by employers to retrain and upskillexisting workers, and government support to assist the unemployed to get theright skills to be gainfully employed, the labour market will remain resilientand strong in 2023, he said./.
Malaysia will continue to focus on managing external challenges and the ramifications facing its economy this year, said Minister of International Trade and Industry (MITI) Zafrul Aziz.
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Syed Hussain Syed Husman, President of the Malaysian Employers Federation. (Photo: bernama.com) 
