Despite global economic uncertainty, domestic consumption is still expected to drive the economy. The Malaysian economy is expected to remain relatively stable in 2020, with a GDP growth forecast of 4.8%.
The manufacturing and professional services sectors will remain resilient, with a slight growth projected in 2020. We will also see further digital transformation, with the government investing US$131 million to encourage more companies to explore and integrate automation into their processes.
Randstad Malaysia anticipates that the two prime industries that are expected to contribute to Malaysia’s 2020 growth are Islamic Banking and Technology.
2020 employment trends
Companies need to engage in strategic workforce planning to find out where the skills gaps are. To thrive in a digital-first economy, employers will have to imagine the future workplace, identify the gaps that are stopping them from realising it, and then equip and upskill their talent.
Highly-skilled local talent with regional exposure, cross cultural management experience and senior leadership capabilities are highly sought-after. But similar to other countries, such in-demand talent tends to pursue opportunities abroad. The brain drain we witnessed is likely to persist going into 2020.
However, 2020 will be a year of growth for the local workforce. Companies are expected to leverage government subsidies to reduce their overreliance on unskilled foreign labour and to encourage more women participation. Employees in Malaysia are also more likely to change employers in search of better pay, work location, training and development, as well as career growth opportunities.
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key highlights from the 2020 market outlook
- in-demand jobs and skills in key market-driving sectors
- expected job mobility in 2020 for professionals across various seniority levels and industries
- candidates’ employer and career expectations