Transition to the digital economy will displace many existing jobs, owing to increased automation and mechanisation. These displaced people will need different skill sets for newly created jobs.
Human capital is the most valuable resource of a country. However, Malaysia is not fully maximising this productive capacity.
For instance, while the overall unemployment rate was relatively low at 3.4% (pre-pandemic), unemployment among the young is high — 15.4% for those in the 15-19 age group, 9.6% for those in the 20-24 age group and 3.9% for those aged 25-29. And this is an underestimation, as many unemployed are not registered.
