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More than 600,000 Malaysians are now unemployed.
FILE PHOTO: A family jogs in a park near the Petronas Twin Towers when Malaysia reopens most businesses after a motion control order was imposed to combat the outbreak of the coronavirus disease (COVID-19 ), in Kuala Lumpur, Malaysia, on May 4. 2020. REUTERS / Lim Huey Teng
(Updated: )
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KUALA LUMPUR: Malaysia’s unemployment rate is now the highest in a decade, at 3.9 percent, as people saw their livelihoods affected amid COVID-19 and the movement control order ( MCO), said the Department of Statistics.
In a report on Friday (May 8), the chief statistician at the Department of Statistics, Mohd Uzir Mahidin, said: “The unemployment rate in March 2020 increased to 3.9 percent, the highest since June 2010, when the unemployment rate was 3.6 percent. ” The monthly rate is seasonally adjusted.
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“The high unemployment rate in March 2020 reflects the negative impact of the MCO on the labor market,” he added.
The number of unemployed people increased by 17.1 percent to 610,500 in March, compared to 521,000 in the same month in 2019, according to statistics.
READ: Malaysian states may face legal action if they prevent companies from reopening, says Azmin Ali
In February, before the MCO took action, Malaysian unemployment was 3.3 percent.
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Furthermore, Mr. Mohd Uzir explained that the number of people in the workforce had decreased from February to March.
“The number of (people in) the workforce this month decreased 0.2 percent to 15.84 million people, compared to February 2020.
“During the same period, employed people also decreased 0.7 percent to 15.23 million people.”
Stock photo of the Kuala Lumpur skyline. (Photo: AFP / Mohd Rasfan)
He noted that of the 15.23 million people working in Malaysia, 2.8 million people were self-employed, such as merchants, farmers and self-employed workers.
“These groups of workers were exposed to the risk of unemployment and job losses that affected their earnings during the MCO, in part because they were unable to work,” said the statistician.
READ: Malaysia cuts interest rates to combat impact of COVID-19
FILE PHOTO: Malaysian Prime Minister Muhyiddin Yassin speaks during a press conference in Putrajaya, Malaysia on March 11, 2020. REUTERS / Lim Huey Teng
Malaysia first announced the implementation of the MCO on March 18. The fourth phase of the MCO is scheduled to end on May 12.
Before May 4, only companies that considered essential services could operate.
READ: Malaysia will open ‘almost all’ economic sectors from May 4 with health protocols, says Prime Minister Muhyiddin
Prime Minister Muhyiddin Yassin said Malaysia has suffered losses estimated at RM63 billion (US $ 14.5 billion) since the MCO took effect.
He added that the country will incur other losses of RM35 billion if the MCO is extended for another month, bringing the total losses during the execution period to an estimated RM98 billion.
Muhyiddin noted that further cessation of economic activities would profoundly affect the lives of Malays.
Malaysia currently has more than 6,400 cases of COVID-19 and more than 100 deaths.
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