The Number Of Employed Citizens In Malaysia Is Growing

4.2% was a moderate growth rate for Malaysia’s economy in the first half of 2023.
The Department of Statistics Malaysia (DOSM) estimates that if government departments and agencies quickly apply the MADANI Economic Narrative, Malaysia’s GDP might develop at a rate higher than 4.8%.

These good economic outlooks have increased job chances in the labour market as more firms developed throughout the month to complement Malaysia’s solid economic performance, in addition to a boom in domestic tourism and bright prospects in the health tourism sector. The labour force grew moderately again in August, with employment rates rising while unemployment rates falling.

The total number of employed persons increased by 19,900 people, or 0.1%, per month from July 2023 to August 2023, when it reached 16,35 million (up from 16,34 million). Similar to this, when adjusted for the year, the number of persons who are employed rose by 0.2%.

Related link: MALAYSIA’S EMPLOYMENT RATE IN MAY 2023

There will be 337,200 more individuals employed between now and August 2022 than there were in August 2021 (16.02 million), an increase of 2.1%.
According to economic sector, the number of people engaged in the services industry kept growing, particularly in:

• wholesale & retail trade;

• food & beverage services; and

• transportation and storage activities.

Employment rate increased in the manufacturing, agriculture, construction, and mining & quarrying sectors.

The employment-to-population ratio for August, which measures how easily an economy can create fresh employment opportunities, remained at 67.7% from the previous month. Similarly, the ratio increased 0.6 points year compared to the 67.1% recorded in August 2022.

The number of people who were employed but were momentarily unemployed increased by 2.8% (2,300 people), reaching 83,200 people (July 2023: 80,900 people). The report places some blame for this surge on the month-long school break.