Malaysia needs comprehensive labour market policies to aid recovery

Malaysia needs to adopt comprehensive labour market policies to support the nation’s recovery from the pandemic and prepare the workforce of the future of work, said Bank Negara Malaysia (BNM) Governor Datuk Nor Shamsiah Mohd Yunus.

Malaysia needs to put in continued effort to catalyse economic transformation, and attract and facilitate investments that can lead to the creation of high-skilled jobs, she said at a virtual press conference.  

“Labour-related policies to improve training and matching mechanisms as well as enhance workers’ resilience should complement these efforts,” she said, adding that “being forward-looking in a post-pandemic world is crucial and will require greater policy adaptability and flexibility to benefit from the rapid shifts in global trends,” reports The Edge media.

She also highlighted that Malaysia’s economic recovery is expected to be uneven across industries, which may also reflect on the pace of recovery for the labour market. 

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“Employment in the manufacturing sector, particularly in the export of electrical and electronics [products], is expected to recover at a faster pace, benefiting from related-equipment and external demand.”

She noted that “however, conditions continue to be challenging for workers in consumer-facing and high-touch segments, including tourism and travel-related sectors, such as work in the food and beverage, accommodation and transport [industries].”