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Statistics Dept: Malaysia’s increased investment may convince investors to stay, creating employment

Statistics Dept: Malaysia’s increased investment may convince investors to stay, creating employment

14 Jun 2021

Malaysia’s increased investments in the first quarter of this year may convince investors to stay, thus, opening up employment opportunities, especially for fresh graduates, the Department of Statistic Malaysia (DOSM) said.

Chief statistician Datuk Seri Mohd Uzir Mahidin said according to data from the Ministry of International Trade and Industry (Miti), Malaysia recorded RM80.6 billion approved investment in the manufacturing, services and main sectors in the first quarter of 2021, a jump of 95.6 per cent from the same period last year.

“The increase in investment approvals in the country will give hope for jobs to graduates and activate the Malaysian economy in various sectors,” he said in an interview on Bernama TV’s Malaysia Petang Ini themed “Covid-19: The Meaning Behind the Data” programme today.

Mohd Uzir said at the same time, the increase in the value of investment would be able to reduce the unemployment rate in the country.

According to DOSM’s statistics, he said the unemployment rate declined to 4.6 per cent, or a reduction by 10,500 persons, in April 2021, the lowest since October 2020.

He said the 0.1 per cent reduction brought the number of unemployed to 742,700 persons compared to 753,200 persons in March this year.

However, he said the recovery of the country’s economy since the end of last year could be impacted by the threat of the pandemic, as well as the movement control order 3.0 which commenced on June 1, 2021.

“Nevertheless, according to DOSM’s data in general, the country’s economy showed an improving trend in April 2021,” he said.

He said the data also showed that Malaysia’s gross domestic product (GDP) contracted marginally by 0.5 per cent in the first quarter but reflected a recovery compared to a 3.4 per cent contraction in the previous quarter.

This improvement was supported by expansion in the manufacturing sector, recovery in agriculture, and better performances recorded by all sectors of the economy compared to that of the last two quarters, he added.

Source: Bernama

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