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Malaysia’s unemployment rate highest in 12 years

Malaysia's unemployment rate is now the highest since the 2008-2009 world financial crisis, at 3.9 percent, as people saw their livelihoods affected by COVID-19 and the movement control order (MCO), said the country’s Department of Statistics.
Malaysia’s unemployment rate highest in 12 years ảnh 1Taking samples for testing SARS-CoV-2 in Malaysia (Photo; Xinhua/VNA)

KualaLumpur (VNA) - Malaysia's unemployment rate is now the highest since the 2008-2009 world financial crisis, at 3.9 percent, as people saw their livelihoods affected by COVID-19 and the movement control order (MCO), said the country’s Departmentof Statistics.

In a recent report, the department said the number of unemployed persons in thecountry increased by 17.1 percent to 610,500 in March, as compared to521,000 in the same month in 2019.

Bank Negara Malaysia also attributed the high unemploymentrate in March to the pandemic and negative impacts of MCOon the job market.

Meanwhile, Affin Hwang Investment Bank Bhd predictedthat the unemployment rate in Malaysia continuesto rise in the second quarter, especially in April and May.

Affin Hwang believed that the rate islikely to stand between 5-6 percent in 2020, much higher than the level of 3.3 percent last year./. 
VNA
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