High Jobless Rate in Malaysia Amongst Graduates
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The unemployment rate among fresh graduates is expected to increase to 25% this year. In comparison to last year, it is a jump from 13.8%.
The Ministry of Higher Education (MOHE) said 75,000 out of 300,000 fresh graduates are expected to be unemployed in 2020 due to the economic downturn caused by the COVID-19 pandemic.
Furthermore, 41,161 out of 330,557 graduates from 2019 are still unemployed. With the addition of 75,000 from 2020, the total unemployment among the group will add up to a whopping 116,161 people.
Last year, 189,543 out of 330,557 graduates managed to get a job six months after they graduated.
High youth unemployment rate in Malaysia
The youth unemployment in Malaysia is at 13.2%. The highest unemployment rate is seen among those aged 15 to 19, at 18.7%, followed by those aged 20 to 24, at 11.9%, according to the Economic Outlook Report 2019 issued by the finance ministry.
This comes as the 2017 graduate unemployment stood at 9.6%, on a higher graduate unemployment, constituting 40.5% of unemployment at the time.
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March Records Over 600,000 Malaysians Left Unemployed Due To MCO
After the Movement Control Order (MCO) was enforced in March, Malaysia’s unemployment rate saw a sharp 0.6% increase in comparison to February 2020.
The unemployment rate in Malaysia has reached a 10-year high, with over 600,000 individuals losing their jobs in March 2020
The data was released by the Department of Statistics Malaysia (DOSM) in its Labour Force Statistics, Malaysia, March 2020 report on May 8, 2020.
The report noted that the current unemployment rate as of March 2020 stood at 3.9%, the highest since June 2010 (3.6%).
In comparison to the same period last year, March 2020 accounted for 610,500 unemployed Malaysians, while March 2019 recorded 521,300 – a whopping 17% increase.
“Unemployment rate (seasonally adjusted) in March 2020 also increased to 3.9% as compared to 3.3% in the previous month,” said the report.
The DOSM attributed the enforcement of the Movement Control Order (MCO) to the devastating increase of Malaysians losing their jobs
It cited employers and self-employed individuals were the worst-hit group, which made up 2.81 million out of the 15.84-million strong labour force in Malaysia.
The group consisted of freelancers and traders, who worked in industries such as farmer markets, night markets, and caterings.
“These group of workers were exposed to the risk of unemployment and work losses that affect their income during the MCO, partly due [to being] unable to work,” said the DOSM.
The MCO was enforced on 18 March as part of the nationwide social distancing measure to curb COVID-19. All businesses that were not deemed essential services were told to shut down during the period.
How to Overcome the Challenge of Unemployment by Choosing the Right Course to Study?
Economists have warned that the jobs lost during the pandemic and its subsequent economic crisis will not come back easily. Demand may be slow to come back and employers may not hire immediately. Furthermore, in the age of IR4.0 digitalisation will have an impact on net job creation.
Through your experience in the MCO, you can see that there would be more demand for digital ecosystems in both the public and private sectors — contactless systems, online meetings, remote services and mobile payments. Increased opportunities for Financial Technology, Online marketing, digital marketing, social media marketing,
New graduates, diploma holders and others will enter into the market each year, hence, there will be a lot of competition for the same jobs when you yourself graduate.
Therefore, in order to succeed in your future career, you must have a clear plan and choose the right course that will have future job demand. In addition, the skillsets gained in your university studies must be relevant.
When choosing the right course to study in Malaysia, one important criteria that students should look at is the job demand. Choosing to study a course that has future potential high job demand and salary would ensure that you have a higher chance of a successful career that would support your lifestyle goals.
With the evolution of technology, the current job landscape in Malaysia has changed drastically. In many industries and countries, the current in-demand occupations or specialties did not exist 10 or even 5 years ago. The rise of technology has led to a disruption in the way we work and live. The Digital Era has changed the way we work.
As the digital economy grows, Malaysia must be prepared to choose jobs that will be in demand in the future as well as still exist. 75 million job roles are expected to disappear by 2022 according to the “Future of Jobs Report 2018” by the World Economic Forum,. Furthermore, another 133 million roles are expected to emerge.
To find out which are the best courses to study in Malaysia that has future job demand, click on the link below: