10-7-2024 (KUALA LUMPUR) The latest data from the International Monetary Fund (IMF) on Southeast Asia has shed light on the region’s unemployment rates, revealing some intriguing details about Malaysia’s standing compared to its neighboring countries.
According to the IMF’s World Economic Outlook database for April 2024, Malaysia’s unemployment rate currently stands at 3.525% of the total labor force, the fourth highest in Southeast Asia.
The data for the region shows that Indonesia recorded the highest unemployment rate at 5.2%, followed closely by the Philippines at 5.01%. Brunei has the third-highest unemployment rate at 4.9%, followed by Malaysia (3.52%), Vietnam (2.06%), Singapore (1.9%), and Thailand (1.1%).
It is important to note that the IMF does not have data for Cambodia, Laos, Brunei, and Timor-Leste, hence their absence from the index.
For Malaysia, the IMF noted that the unemployment rate has improved over the past two years, with the country recording 3.625% in 2023 and 3.825% in 2022.
Interestingly, the IMF’s data does not seem to align with the figures published by the Department of Statistics Malaysia (DOSM). According to DOSM, the unemployment rate in the country as of April 2024 is 3.3%, with the number of unemployed persons estimated at 566,400.
Both the IMF and DOSM’s datasets indicate a gradual decrease in Malaysia’s unemployment rate, with the latter noting that the current employment-to-population ratio stands at 68% as of April 2024.
The discrepancy between the IMF and DOSM figures highlights the complexities involved in measuring and reporting unemployment rates, as different methodologies and data sources can lead to variations in the final figures.
Nonetheless, the IMF’s data provides a regional perspective on Malaysia’s unemployment situation, placing it among the countries with higher rates compared to its Southeast Asian neighbors.
