“Comprehensive labour market policies are needed in Malaysia to support recovery from the Covid-19 pandemic crisis and prepare the workforce for the future of work”, according to Datuk Nor Shamsiah Mohd Yunus, Bank Negara Malaysia (BNM) Governor during the launch of the BNM Annual Report 2020 held on 31 March 2021. Datuk Nor Shamsiah added that Malaysia needs continued effort to catalyse economic transformation, particularly through improvements to the investment ecosystem to attract and facilitate investments that can create high-skilled jobs.

“Labour-related policies to improve training and matching mechanisms as well as enhance workers’ resilience should complement these efforts”, she concluded.

Other highlights of the BNM Annual Report 2020 are:

  • Global economy to rebound in 2021, driven by vaccine rollout and continued policy support.
  • Amidst the challenging global and domestic operating environment in 2020, the Malaysian economy contracted by 5.6%.
  • The Malaysian economy is projected to expand by 6.0% to 7.5% in 2021, supported by both external and domestic factors.
  • Global technology upcycle will support E&E production and exports.
  • Higher manufacturing and commodity production will lift growth prospects
  • Investment activity to rebound, driven by better demand conditions and Government initiatives.
  • Liberalisation measures aimed to enhance Malaysia’s position as an FDI destination and a global supply chain hub.

 To view the BNM Annual Report 2020, please click here.