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Economists said Malaysia is expected to achieve a full labor market recovery in 2024, driven by a strong domestic economy and external recovery.
Based on the unemployment rate remaining at a low of 3.4% in October, MIDF Research expects the unemployment rate to average 3.5% in 2023 and return to the pre-pandemic level of 3.3% in 2024. An improving labor market will support consumer spending and boost employment.
The steady improvement in the labor market reflects buoyant economic activity, with employment continuing to increase and the unemployment rate falling. Domestic demand, improved tourism activity and a push for infrastructure projects, foreign direct investment flows and an upturn in foreign trade will maintain a stable labor outlook, the bank said.
Policy reforms and economic measures in 2024 are expected to boost recovery in the short and medium term.
(Source: theedgemalaysia Image source: freepik)
