The AMCHAM attended the launching of the 6th Malaysian Economic Monitor - Modern Jobs on April 12th at Shangri-la, KL. Objectives of MEM are to provide update on recent economic development and to review national reform efforts.
Frederico Gil Sander, World Bank's Senior Economist for Malaysia presented on key findings and highlights of the reports, namely:
1) Economic Outlook
- GDP went up in first half of 2011, mainly due to public consumption.
- Services & domestic manufacturing are the strong growth drivers, such as the f&b, etc.
- Trend shows Malaysia export more to ASEAN & China.
2) Labour/Employment Market
- Wages picking up in resource related sector.
- Malaysia is dependent on oil related revenue and should broadened its tax base.
- Malaysia needs productivity growth of non resource sector.
- Ongoing Employment Act amendments, forthcoming announcement of minimum wage, legislation on minimum retirement age & unemployment insurance are current efforts implemented by the Malaysian government to address distortion in the employment market.
3) Modern jobs vs Modern labour markets
- Statistics show more Malaysians are attaining tertiary education.
- To create modern jobs, more students' autonomy & accountability on schools are needed.
- Modern jobs can't be replaced by automation.
- The participation of women in workforce should be encouraged.
To download the MEM: Modern Jobs, previous MEM publications, please visit here "http://www.worldbank.org/en/country/malaysia/research/all"