THE country’s productivity growth is slowly gaining its momentum from the slow economic bumps due to the impact of the COVID-19 pandemic two years ago.
This is after Malaysia’s productivity growth rebounded to 1.8% last year with RM 90,697 per person compared to -5.3% at RM89,106 per person in 2020.
International Trade and Industry Deputy Minister Datuk Lim Ban Hong said the overall growth of subsectors under the nine Productivity Nexus rebounded to the average of 3.3% last year from -5.1% in 2020.
“This is a driving factor for us to boost the nation’s productivity, targeted growth at an average of 3.6% annually from 2021 to 2025 as stated in 12th Malaysia Plan,” he said during the launching of Productivity Report 2022 and Subsector Productivity Reports at the Productivity Conference on Tuesday (June 21).
“We are expecting our Gross Domestic Product (GDP) to grow between 5.5–6.5% this year based on global trade, balanced commodity prices, vibrant economic activities, and improvement in consumer and business sentiments.”
The two-day conference entitled “Driving Productivity of the Nation” includes two distinctive intellectual discourses entitled “Rising Above the Pandemic–Solidifying Productivity and Competitiveness” and “Productivity in Action”.
Meanwhile, Malaysia Productivity Corporation (MPC) director-general Datuk Abdul Latif Haji Abu Seman said MPC has identified issues and challenges that are barriers hindering robust productivity growth in this country.
“We are positive that we can achieve 3.6% productivity growth this year with the transition into the endemic phase, the reopening of Malaysia’s international borders, and proactive and agile government policies,” he remarked.
“MPC continuously supports the Government’s agenda through innovative collaborations and multiparty cooperation among relevant government bodies, industry associations, businesses, academic, and industry experts.
“Throughout the two-day conference, we will be able to learn about the current issues and challenges and, most importantly, best practices and recommendations in productivity from renowned local and international speakers.
“Today’s focus is on Malaysia’s productivity, and tomorrow, the conference will deliberate more on sectoral-level productivity in conjunction with the fifth anniversary of Productivity Nexus.” – June 21, 2022
