The latest data from the International Monetary Fund (IMF) on Southeast Asia revealed some interesting details about the unemployment rates in the region and how Malaysia is faring compared to our neighbouring countries.
In its World Economic Outlook database for April 2024, the IMF revealed that the unemployment rate in Malaysia is currently at 3.525% of the total labour force, the 4th highest in Southeast Asia.
Malaysia has the 4th highest unemployment rate in Southeast Asia
According to the data for the region, Indonesia recorded the highest unemployment rate at 5.2%, followed by the Philippines at 5.01%.
Brunei has the 3rd highest unemployment rate at 4.9%, followed by Malaysia (3.52%), Vietnam (2.06%), Singapore (1.9%) and Thailand (1.1%).
For illustration purposes
Do note that the IMF doesn’t have any data for Cambodia, Laos, Brunei and Timor-Leste, hence their absence in the index.
For Malaysia, the IMF noted that our unemployment rate has improved over the past 2 years, whereby we recorded 3.625% last year and 3.825% in 2022.
Over 566,400 Malaysians are currently unemployed
Unemployment rate from Jan 2022 to April 2024
Interestingly, the IMF’s data doesn’t seem to match with the ones published by the Department of Statistics Malaysia (DOSM).
According to DOSM, the unemployment rate in our country as of April 2024 is 3.3%, with the number of unemployed persons in Malaysia estimated at 566,400.
Both IMF and DOSM’s datasets do indicate a gradual decrease in the unemployment rate in Malaysia, with the latter noting that the current employment-to-population ratio is at 68% as of April 2024.
So, what do you guys think of Malaysia’s current unemployment rate compared to our neighbouring countries? Share your thoughts with us in the comments!
