Unemployment in Malaysia fell to 4.2% in December

Malaysia’s unemployment percentage fell to a 21-year low of 4.2% in December last year, according to official statistics. A month earlier, it was 4.3%. These data coincided with the projection of analysts of the Singaporean financial group United Overseas Bank. Active restoration of the country’s labor market from the effects of the coronavirus pandemic has been observed over the past five months. The ratio of the labor force to the total population of the Malaysian population in the last month of last year was 69% against the November figure of 68.9%, marking a historically high level. The hiring rate also reached a record high, amounting to 15.65 million. The service, manufacturing, and construction sectors were the main contributors to employment growth, while the agricultural sector, as well as mining and quarrying, saw a decline. At the same time, UOB analysts expect some deterioration in the labor market in 2022 due to a new outbreak of coronavirus. However, they still predict a decline in unemployment to 3.6% by the end of the year.

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Arseny Kudrin

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