Malaysia's unemployment rate spiked to 5% as of April 2020, affecting approximately 778,800 people, according to a statement by Malaysia's Chief Statistician.
As of April 2020, the working population decreased by 156.4k people, totalling to 14.93 million people still being employed.
People most affected were in manufacturing, hospitality, F&B, entertainment/recreation, and retail sectors.
This figure is the highest unemployment rate since 1990, and is expected to rise despite the economy being reopened, as purchasing power has severely decreased since lock-downs.
At the same time, consumer behaviour has dramatically changed since the lock-downs, with many people still staying indoors (and not traveling) despite the country reopening.
“During this period, companies will have the tendency to reduce the number of employees to ease the burden of operating costs despite predicting a decline in their business revenue", mentioned Chief Statistician of Malaysia Datuk Seri Dr Mohd Uzir Mahidin.
BEAMSTART is a global business community with the aim of connecting people to opportunities. Expand your network, discover new possibilities, and explore a vast database of resources that can help you go further in your business and career.
Never miss an opportunity again. Be part of the global community of CEOs, Business Leaders, and Professionals. Download below to instantly form partnerships and discover opportunities:
