Malaysia (Commonwealth) _ Job recruiters are optimistic on growth and have identified numerous regional regions that will determine the employment market in 2024, despite global uncertainty, geopolitical tensions, and prospective recessions in some major nations.
However, with the World Bank lowering its target for Malaysia’s GDP to 3.9 percent from 4.3 percent for 2023 due to a significant slowdown in external demand, these industry experts see Malaysia’s job market as likely to face uncertainty due to local and global factors.
Arulkumar Singaraveloo, chief executive officer and co-founder of Malaysia HR Forum, envisions five industries that would have the most influence on the job market in 2024.
These are e-commerce, technology and information technology (IT), renewable energy and green technology, tourism and hospitality, and construction, according to him.This is seen from the 2024 Budget commitment to these industries, as well as the emphasis on technical and vocational education and training (TVET) education to support these sectors.
He stated that the government’s recent announcement of major investment from China and other leading economies in Malaysia will assist expand employment owing to lower business costs in Malaysia. It continues to favor Malaysia, and the nation will continue to attract foreign direct investment (FDI) in the next months and years, when combined with a lower currency exchange rate.
The decreased unemployment rate, which is now at 3.6% as of October 2023, is nearly on par with the pre-pandemic level of 3.3% in February 2020, indicating job market expansion despite the current global difficulties, he added.
Melissa Norman, founder and managing director of Aisling Consulting Sdn Bhd, stated that the 2024 Budget will assist a few sectors. These include new energy and automotive, where the provision of rebates and incentives to stimulate the adoption of electric cars (EVs) and the building of EV charging infrastructure is beneficial.
She stated that the government’s intentions to launch new EV and solar energy courses under TVET complement this. Second, Melissa stated that the government has several infrastructure projects for the construction industry in the coming year, including the revival of five stations for Light Rail Transit 3 (LRT3), two key Sabah and Sarawak projects, and high-priority flood mitigation projects, which will benefit construction and engineering firms.
Also Read:
MALAYSIA FINED 400 COMPANIES FOR LABOR VIOLATIONS THIS YEAR
MALAYSIA’S JOINT-VENTURE GAMUDA GETS RM3.5BIL…
MALAYSIA TO STOP RARE EARTHS EXPORTS
MALAYSIA TO EXCEED RM63 B “HALAL” TARGET
With allocations to encourage small and medium enterprises (SMEs) to increase business productivity through automation and digitisation, and the strengthening of the role of digital economy centers, this can continue to support small entrepreneurs at the community level selling products online, there will be greater demand in the digital specialists and e-commerce sector. She predicts increased demand in associated industries such as training, infrastructure, and system support.
When asked to explain on how the global economic climate will affect the Malaysian employment market in 2024, Melissa stated that various foreign and domestic issues will affect the Malaysian job market. The Malaysian economy is predicted to strengthen in 2024 as a result of expansion in all sectors and improved global trade prospects. Melissa expects Malaysia’s labor market will grow further in 2023 and 2024, supported by good domestic economic momentum.
According to projections, the country’s average jobless rate is predicted to fall further to 3.5% in 2023 before returning to pre-pandemic levels of 3.3% in 2024. The repatriation of non-citizen workers is predicted to increase total employment and lower the unemployment rate. According to FastCo general manager Joelle Pang, the government has addressed many steps to improve the welfare of gig workers, including improved social protection, in the recently presented 2024 Budget.
Job seekers should take advantage of these measures and try working in the gig economy to make a living while receiving some form of social security. In 2021, the gig economy will have contributed around 7% of Malaysia’s GDP and offered earning opportunities for approximately two million Malaysians.
As a result, she advises job searchers to explore the gig economy as a feasible source of income, particularly whether they are housewives, senior workers, underemployed, or students.
