KUALA LUMPUR, Oct 11 (NNN-Bernama) —\u00a0MIDF Research sees Malaysia\u2019s jobless rate improving\u00a0further,\u00a0averaging\u00a03.5 per cent in 2023, on the back of an improving domestic economy.<\/p>\n\n\n\n
An uptick in tourism-related activities and expansion of primary sectors such as commodities will provide further support, it said.<\/p>\n\n\n\n
The research house noted that the recovery of Malaysia\u2019s labour market has continued as the jobless rate stayed at a \u201cpandemic low\u201d of 3.7 per cent in August 2022.<\/p>\n\n\n\n
\u201cThe labour force and employment continued to expand 3.1 per cent year-on-year (y-o-y) and 4.2 per cent (y-o-y) respectively, unemployment dropped further by 18.3 per cent (y-o-y), and outside labour force reduced by 2.8 per cent (y-o-y) in August 2022.<\/p>\n\n\n\n
\u201cWith this upbeat labour market performance, we are optimistic about stronger consumer spending in the second half of 2022 onward.<\/p>\n\n\n\n
\u201cPlus, the receding unemployment rate may lead Bank Negara Malaysia (BNM) to consider further normalisation of the overnight policy rate (OPR) in the upcoming Monetary Policy Committee (MPC) meetings,\u201d it said in a research note.<\/p>\n\n\n\n
For the first eight months of 2022, the jobless rate averaged 3.9 per cent while employment grew 3.5 per cent y-o-y and unemployment fell by 14.9 per cent.<\/p>\n\n\n\n
Malaysia\u2019s labour market is expected to stay in recovery trend and strengthen further in the second half of the year, underpinned by the upbeat momentum in the domestic economy and steady expansion in the external sector.<\/p>\n\n\n\n
\u201cEven though the 15th General Election (GE15) is set to take place in November, the election will reduce domestic political uncertainties and certainly the new government will table an expansionary fiscal policy for 2023.<\/p>\n\n\n\n
\u201cWe believe stimulus bullets for labour market recovery and domestic economic growth will be among the major elements in the upcoming Budget 2023 after GE15,\u201d it said. <\/p>\n\n\n\n
MIDF has kept its unemployment rate forecast at 3.8 per cent for 2022.<\/p>\n\n\n\n
— NNN-BERNAMA<\/p>\n","protected":false},"excerpt":{"rendered":"
KUALA LUMPUR, Oct 11 (NNN-Bernama) —\u00a0MIDF Research sees Malaysia\u2019s jobless rate improving\u00a0further,\u00a0averaging\u00a03.5 per cent in 2023, on the back of an improving domestic economy. An uptick in tourism-related activities and expansion of primary sectors such as commodities will provide further support, it said. The research house noted that the recovery of Malaysia\u2019s labour market has continued as […]<\/p>\n","protected":false},"author":30,"featured_media":145972,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[215,288,300,318],"tags":[],"_links":{"self":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/195022"}],"collection":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/users\/30"}],"replies":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=195022"}],"version-history":[{"count":1,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/195022\/revisions"}],"predecessor-version":[{"id":195024,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/posts\/195022\/revisions\/195024"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=\/wp\/v2\/media\/145972"}],"wp:attachment":[{"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=195022"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=195022"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/namnewsnetwork.org\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=195022"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}