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PETALING JAYA: Malaysia’s labour market is poised for continued stability and growth throughout the year, buoyed by economic activities and supportive government policies, analysts say.
To note, earlier this week, the Statistics Department reported that the country’s unemployment rate remained at 3.3% for the sixth month in a row in April 2024.
The size of the labour force in April 2024 has increased marginally to 17.12 million persons, up from 17.1 million in March, with the labour force participation rate at 70.3%.
Kenanga Research expects the labour market to maintain its positive momentum in 2024, forecasting the average unemployment rate in 2024 to settle at 3.2% against the 3.4% in 2023, with expectations of sustained hiring towards the end of the year.
“The labour market is expected to remain stable throughout 2024, with positive hiring activities bolstered by strong expansion in the services sector and supported by recovery in manufacturing sector,” the research outfit said, adding that this aligns with its gross domestic product growth forecast of between 4.5% and 5% in 2024 versus the 3.7% in 2023.
Additionally, Kenanga Research expects the realisation of record approved investment worth RM329.5bil recorded last year and ongoing government multiyear infrastructure projects detailed in Budget 2024 to boost hiring activities in the coming months.
Similarly, Hong Leong Investment Bank Research (HLIB Research) sees gradual improvements in the labour market, owing to the domestic economy and external demand.
“Malaysia’s labour market is expected to continue improving modestly going forward, supported by the continued positive momentum in the domestic economy and recovery in global trade, particularly in the manufacturing sector and tourism sector,” it noted.
HLIB Research also said the implementation of government projects outlined in national masterplans and the realisation of approved investments would provide additional support to the employment landscape.
