Commentary: Malaysia’s prospects for economic recovery remain bright, but not everyone may be lifted

READ: Commentary: Connecting Singapore and Malaysia without an HSR challenging but alternatives should be exploredHowever, the mood in Malaysia’s corridors of power is distinctly sanguine. This leans on domestic and global expansion, and has prompted forecasts of 6 per cent to 7.5 per cent GDP growth for 2021. This is a sea change from the 5.6 per cent contraction suffered in 2020.

All things considered, and barring mishaps in vaccination or failures to contain potential viral waves, the economy and labour market look poised to recover, although the pace is uncertain and the downturn in tourism remains acute.The best commentaries and analysis to better help you see beyond today’s news headlines. Subscribe to CNA’s Commentary newsletter.This service is not intended for persons residing in the EU.

The underlying problems are complex, and derive from inadequacies of both skilled workers and high-skilled jobs. Wage-boosting interventions, of which Malaysia has relied on minimum wage, have failed to compel the labour market to generate higher productivity jobs. This dismal record reflects the yawning gulf between job offerings and worker expectations. At the same time, hiring subsidies were claimed for 37,000 employees.

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