KUALA LUMPUR – The unemployment rate in Malaysia is expected to increase to 5.5 percent or more than 860,000 people this year.
According to Prime Minister Tan Sri Muhyiddin Yassin, the unemployment rate in March was 3.9 percent or around 610,000 unemployed individuals.
He said, the Gross Domestic Product (GDP), is expected to drop on the second quarter of this year following the efforts to curb the spread of the Covid-19 pandemic.
“I wish to be truthful on our national economic status.
“Just like the other countries, Malaysia is facing a substantial challenge.
“To overcome the current economic situation and to ease the burdens of the people, the government has introduced economic stimulus packages including the Prihatin Package and Additional SME Prihatin Package amounting to RM260 billion.
“On 4 May, the government has also allowed the reopening of several sectors to ensure the economic sustainability of the country,” he said during the launch of Economic Recovery Plan, Pelan Jana Semula Ekonomi (Penjana) today.
He announced 40 initiatives under Penjana which is hoped to revive and stimulate the national economy.
Muhyiddin said, as of 2 June, the Statistics Department found that about 12.7 million or 83.5 percent of the employees have started working again, compared to 10.2 million or 67.2 percent on 17 May 2020.
He said, the two economic stimulus packages earlier had successfully rescued 2.4 million of jobs, reduce the cash flow of almost 11 million citizens and supported 300,000 companies.
“Although many economic sectors are open now, we are thankful that the Covid-19 outbreak remain under control.
“As of now, there is no surge of Covid-19 positive cases as the employers, businesses, employees and customers at the business premises in general followed the order and guidelines,” he said. –MalaysiaGazette