Unemployment in Malaysia
Table of Contents Page
Introduction.............................................................................................................. 2
Type of unemployment............................................................................................. 4 * Frictional Unemployment * Structural Unemployment * Cyclical Unemployment * Seasonal Unemployment
Factors of unemployment......................................................................................... 6 * Business cycle * Aggregate demand * Decrease in aggregate supply
Effect of unemployment........................................................................................... 7 * Economy * Social
Solution and recommendation………………………………………………………… 9 * Fiscal Policy * Monetary policy * The relocation of labor policy * Allows flexible wages and prices * Retraining workers policy
Conclusion.................................................................................................................. 11
References.................................................................................................................. 12
Introduction
There are limited historical records on unemployment because it has not always been acknowledged or measured systematically. According to the Department of Statistics Malaysia on 30 November 2010 report that the current rate unemployment in Malaysia is 3.1 percent. The total labor force in September 2010 was 11,561.4. From that, 11,197.2 people are working and the number of unemployed persons was 364.2, or 3.2 percent. From 1998 until 2010, Malaysia’s unemployment rate averaged 3.4 percent reaching an historical high of 4.5 percent in March of 1999 and a record low of 2.9 percent March 1998.
The employed defined as; any persons 16 years old or older, (1) who works for pay, either for someone else or in his or her own business for 1 or
Introduction.............................................................................................................. 2
Type of unemployment............................................................................................. 4 * Frictional Unemployment * Structural Unemployment * Cyclical Unemployment * Seasonal Unemployment
Factors of unemployment......................................................................................... 6 * Business cycle * Aggregate demand * Decrease in aggregate supply
Effect of unemployment........................................................................................... 7 * Economy * Social
Solution and recommendation………………………………………………………… 9 * Fiscal Policy * Monetary policy * The relocation of labor policy * Allows flexible wages and prices * Retraining workers policy
Conclusion.................................................................................................................. 11
References.................................................................................................................. 12
Introduction
There are limited historical records on unemployment because it has not always been acknowledged or measured systematically. According to the Department of Statistics Malaysia on 30 November 2010 report that the current rate unemployment in Malaysia is 3.1 percent. The total labor force in September 2010 was 11,561.4. From that, 11,197.2 people are working and the number of unemployed persons was 364.2, or 3.2 percent. From 1998 until 2010, Malaysia’s unemployment rate averaged 3.4 percent reaching an historical high of 4.5 percent in March of 1999 and a record low of 2.9 percent March 1998.
The employed defined as; any persons 16 years old or older, (1) who works for pay, either for someone else or in his or her own business for 1 or