Malaysia's unemployment rate shoots up to 3.9%, highest since 2010.

More people are finding alternative freelance work online.

Malaysia's unemployment rate shoots up to 3.9%, highest since 2010. | BEAMSTART News

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Malaysia's unemployment rate surged to a record high since 2010, reaching 3.9% in March 2020 — 17% higher than February, which was at 3.3%.

The increase in the unemployment rate was mainly attributed to the adverse impact of the nationwide lock-downs that started on March 18th.

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Since the lock-downs were announced, businesses across the country have taken drastic measures to reduce costs by cutting employment, some even reducing staff headcount by up to 70%.

Malaysia's central bank: Bank Negara Malaysia.

Malaysia's central bank also announced earlier that there is a possibility the unemployment rate will cross past the 4% mark this year.

While uncertainty and job cuts continue to loom, many people have taken it upon themselves to find alternative income sources online, such as setting up e-commerce stores and freelancing on part time gigs.

The Malaysian government is actively working on revitalising the country's shaken economy, having opened up most economic sectors since May 4th, with the exclusion of those involving close human contact or mass gatherings.

“In the near term, the MoF is focusing on short- and medium-term efforts that needed to taken during the MCO and post MCO to ensure the country’s economic sustainability and well-being of the people,” mentioned Malaysian Prime Minister, Muhyiddin Yassin, in a media statement.

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