Despite Malaysia unemployment rate remain relatively low in comparison to the plummeting GDP, I'm afraid it is one of the attribute factor to economy disaster government planted.
What economy sense does it made to use public money to fund Despite Malaysia unemployment rate remain relatively low in comparison to the plummeting GDP, I'm afraid it is one of the attribute to economy disaster government planted.
What economy sense does it made to use public money to fund employment retainment instead of let it float according to job market?
Public fund should use to increase productivity such as increase local manpower education level& skills and adopt machine and robot to replace foreign workers in construction, mining and manufacturing sector.
By forcing private sector to retain employments is to create an illusion that unemployment rate is low. This cosmetic tricks only paint beautiful image on politician but rotting the country economy and clandestinely weakening country productivity in long run.
Furthermore, it made statistics unreliable as it does not reflect the true job market thus difficult for government to effectively find antidote to curb REAL unemployment.
The modus operandi of Malaysia government is always patching up the statistics without really resolve the problem. even before COVID (Before 2020), NEP laid out many policy to assure Malay employment by forcing private sector to absorb bumiputra manpower while public sector is even a few step further by arbitrary recruit bumiputra that caused public sector productive lower than any similar developing country. Malaysia have more than 1.6million civil servant which is higher than any developing country in relative to a mere 32million population.
Malaysia need to introduce free market concept and let the market dictate itself and regulate the job market thus make it more competitive and resilience for the economy and productivity. without which, meritocracy will not exist in Malaysia and this country will be left behind....
Mining sector surpringly decrease 7.8% while manufacturing only -3%. construction sector suffer the most, i.e. -18%, among all sector but it is safer stop building and not to build new building before the economy recover, otherwise it will not only drag financial sector along but all others sector related to it.
I do not see Malaysia economy will be any better under Dr.Mahathir. probably the 'Sheraton Move' and the coup de'tat is merely a dirty political let Dr.Mahathir become puppet master behind the scene, so that he is safe from public critics when enforcing tough decisions including declare Emergency.
I do not see competency in Malaysia government manage crisis, not this government and none of the previous one.
I do see the 'declaration of emergency under article 150' is a good opportunity now to reverse the damage done in 1969. abolish NEP and let market float. Only by meritocracy, Malaysia may gain true resiliency and productivity thus economy superiority in this region.
Malaysia can not progress without unity and racial harmony. it has to stop pretending and start do something real about bringing different ethnics together by amending policy so that every citizen is treated equally. only when all citizen are equal, will loyalty manifest across all racial group in economy performance.
I also see this covid as good opportunity to reduce dependency on foreign manpower and repatriate local talents from abroad to strengthen Malaysia K-economy (knowledge economy). this will not only reduce out flow of currency but also reduce many social problem created by low skill(mostly uneducated foreign manpower) while retain local talents. instead of let it float according to job market?