Malaysia: Malaysia’s economy is recovering, visitors are coming back, and business is flourishing. The poverty rate has risen to levels pre-pandemic rates, local demand is higher, and economic activity is normalizing. Stuff appear hopeful at first glance. However, the optimistic information coming out of Malaysia conceals a looming issue: youth unemployment.
The Department of Statistics Malaysia released its labor review just before the Chinese New Year, which showed that the unemployment rate remained constant at 3.3 % in the last fortnight of 2023, with higher jobs across all industries.
But, a unique story was told by the youth unemployment statistics. 307, 200 young Malaysians between the ages of 15 and 24 were homeless as of December last year, which is a 10.6 % unemployment rate. In addition, the poverty level for those in the wider 15 to 30 years range was 6.4 %, making up 432, 100 students.
According to statistics, these youths make up about 76 % of the 567, 800 people who are unemployed in Malaysia. This year, another 5 to 6 million individuals are expected to student, compounding the problem. Job paintings in 2023 slowed at the same time, making things even more difficult for young people trying to enter the workplace.
Youth unemployment’s cultural, economic, and political repercussions never be underestimated. The root causes of the problems and flaws are deep within the system itself, necessitating structural change to bring about long-lasting change, not just a continuous issue.