Malaysia’s unemployment rate stood at 3.3% in February 2020, unchanged when compared to the same period last year, according to data from the Department of Statistics Malaysia.
The unemployment rate in February 2020 was still unaffected by the internal shock caused by the Covid-19 pandemic and is expected to have an impact on the unemployment rate beginning in March 2020.
When compared to January 2020, the unemployment rate rose by 0.1%.
During February the number of unemployed accounted stood at approximately 525,200 persons, up 1.7% when compared to the previous year and up 2.6% when compared to the previous month.
Meanwhile, there were 15.34 million employed persons in February 2020, up 2.1% when compared to the previous year and up 0.2% when compared to the previous month.
The labour force participation rate in February 2020 increased 0.2% to 68.7% when compared to the same month in the previous year, but decreased 0.2% when compared to the previous month.
The labour force in this month rose 2.1% to 15.87 million persons against February 2019. During the same period, employed persons also increased 2.1% to 15.34 million persons. When compared to the previous month this was up 0.3%.
The Star Online reports that Malaysia’s unemployment rate in 2020 could hit the highest level in three decades as more Malaysians are likely to lose their jobs, largely due to the novel Covid-19 pandemic.
Sunway University economics professor Yeah Kim Leng forecast a 4% unemployment rate in 2020, subject to the Movement Control Order duration and the extent of restrictions that will likely continue after the MCO has ended.
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