The document discusses Malaysia's economy and unemployment issues. It notes that Malaysia was once a top producer of commodities but now faces economic challenges. Manufacturing contributes over 40% of GDP but unemployment remains high, with 200,000 unemployed graduates. Exports declined in January but rose in February due to increased palm oil and tech demand. For Malaysia to emerge from its economic crisis, bold reforms will be needed to address structural limitations.
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Introduction
Economy’s intro
At one time, Malaysia was the largest producer of tin, rubber and palm oil in the world. Manufacturing
has a large influence in the country’s economy, accounting for over 40% of the GDP. In 1991, former Prime
Minister of Malaysia , Mahathir B. Mohamad outline his ideal , vision 2020 in which Malaysia would become
a self-sufficient industrialised nation by 2020 . But in this globalization era , unemployment is still a huge
issue especially among fresh graduates . According to the Sun Daily on 15 February 2016 by Rajvinder
Singh , there are currently 200,000 unemployed graduates in the country , not including SPM and Diploma
graduates . According to the Malaysian Employers Federation (MEF) , last year alone , some 26 000 people
were retrenched and more expected year due to formal job sector that can only take about 6.5m workers and at
present there are two million foreign workers.
Exports in January declined 2.8 per cent from a year earlier compared with 1.4 per cent growth in
December and a Reuters poll forecast of 2.5 per cent. But, in a short period, Malaysia's exports in February
rose faster than forecast due to stronger palm oil demand and a jump in tech shipments to the United States.
Exports in February grew 6.7 per cent from a year earlier, more than double economists' estimates of 3.1 per
cent growth.
Emerging from the current economic crisis will demand resolute measures. The overall prospects for
Malaysia’s economy are thus rather dim. Malaysia may face a painful adjustment. If the Malaysian economy
is to emerge from the present crisis , it will need to embark on a program of reforms that boldly address these
structural limitations.