Many people say actually… there’s a likelihood of a higher unemployment in Malaysia. Just that these data were not captured properly. Well, I do think most people in most countries may also think the same except for a few countries yeah. Anyway, officially we are around 5% for unemployment. Earlier article here: Unemployment highest since a very long time. Going higher? So what is the latest views about the unemployment rate in Malaysia?
Article in themalaysianreserve.com Dr Nungsari Ahmad Radhi said statistically, Malaysia has a 5% unemployment rate, but economically, the country has a 30% unemployment rate as our labour participation is below 70%. He then asked, “The real question is, do we have the ability to create new activity to reduce unemployment?”
He continued, “What is important now, Malaysia needs to create a social safety net to protect those who are not even in the labour market.”
Next we have Khazanah Research Institute visiting senior fellow Dr Jomo Kwame Sundaram who said that the current global financial crisis brought by Covid-19 may bring a global economic system in favour of “deglobalisation” or “slowbalisation”. He said (Yes, I agree with what he saiad), “The Group of 20 countries, while preaching trade liberalisation to the rest of the world, introduce various actions which amount to economic protection.” Do read the full article here yeah. Lots more information and views here: Article in themalaysianreserve.com
Economy and Unemployment
Okay, so generally when the economy is not doing well, we will have higher unemployment in Malaysia. What’s equally important to note is that saving jobs need to start with saving businesses. Else, how long can the business continue to pay to keep the jobs? However, if we are looking at what is happening currently, it’s most important to give back confidence to the people and that could happen only if the vaccines are fully approved and ready and available for people anytime it’s needed.
When will the vaccines be arriving then?
Latest news? End of 2020. That’s fast really. It’s already mid October now. Here’s that news. Should we still worry? Sure. Should we do nothing? That’s at your own risk yeah. Should we buy a property then? Come on… if you found a good one, why not? I really do not know how to answer if someone were to ask me if they should buy during bad times or good times. Seriously, think harder yeah. As for what should we do now, well just stay home until the end of CMCO if you could.
By the way, vaccines do not reduce the higher unemployment in Malaysia yeah. It gives good vibes, confidence and when people start spending money again, businesses thrive and job markets prosper. That would reduce the higher unemployment in Malaysia. Nope it will NOT reduce a lot of that 30% claim. It will just reduce that 5% down to probably 4.5%… For now, happy watching lots of shows yeah.
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