Malaysia’s unemployment rate makes record high in 30 years
Malaysia’s unemployment rate in April spiked to 5 percent, the highest level since 1990, amid the movement control order (MCO) applied to prevent the spread of the COVID-19 pandemic.
Kuala Lumpur (VNA) – Malaysia’s unemployment rate in April spiked to 5percent, the highest level since 1990, amid the movement control order (MCO)applied to prevent the spread of the COVID-19 pandemic.
The closure of operations for mostbusinesses during the MCO resulted in the loss of employment, and job seekerscould hardly find jobs.
The number of people out of jobs went up to778,800, a 48.8 percent rise compared to one year ago, according to thecountry’s Department of Statistics.
The working population decreased by 156,400persons, or 1 percent, year on year to 14.93 million persons.
The department said the most affectedemployed persons were in the manufacturing and services sectors, namelyaccommodation and food & beverage; arts, entertainment & recreation andother services such as beauty centres and salons./.
Malaysia’s fiscal deficit will nearly double to around 6 percent of the gross domestic product (GDP) this year because of the government’s recent efforts to revive the economy, according to Finance Minister Zafrul Abdul Aziz.
Malaysia’s application of the recovery movement control order (RMCO) phase from June 10 to August 31, which will relax interstate travel, meetings and workshops, marks the beginning of the recovery of domestic tourism, with a surge in hotel booking.
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Illustrative image (Source: theedgemarkets) 
