Kuala Lumpur street scene - Pexels
Malaysia’s labor market shows resilience, with unemployment holding steady at 3.3% in Dec-23, a post-pandemic low.
Throughout 2023, the jobless rate averaged 3.4%, with labor force and employment also improving by 2.0% and 2.4% respectively.
Unemployed persons decreased by 8.1%, while job vacancies are expected to range between 100,000 to 120,000 per month in 2024, down from a high of 396.1K in 2022.
Despite challenges like lower-than-expected external trade recovery and commodity price fluctuations, Malaysia’s labor market is anticipated to maintain a 3.4% average jobless rate in 2024, supported by domestic economic growth and external trade recovery.
Strong fundamentals support resilience in the banking sector.
Structured transitions help ensure long-term stability.
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