Friday, December 18, 2015

Malaysia's GDP growth set to slow to 4.5%: World Bank

The World Bank has projected that Malaysia's gross domestic product (GDP) will ease to 4.5 per cent in 2016, from 4.7 per cent this year, due to a slowdown in domestic demand.

 The World Bank projected Malaysia's gross domestic product (GDP) would ease to 4.5 per cent in 2016, from 4.7 per cent this year, reflecting "some slowdown in domestic demand in the course of 2015 from tighter fiscal conditions".

World Bank: Foreign workers help Malaysians, country scale economic ladder

Oft-maligned, untrained foreign workers help create demand for skilled Malaysian employees and contribute to the country’s economic growth, according to a World Bank report.
In its annual report titled “Malaysia Economic Monitor: Immigrant Labour”, the global fund projected that an influx of 10 migrant workers into a state’s sector results in 5.2 jobs for Malaysians and a 1.1 per cent net increase to the gross domestic product (GDP).
“Low skilled immigrant fill workforce gaps, reduce production costs and expand output and exports.
“As a result, unskilled employment increases and profits rise which increases investment and the demand for higher skilled Malaysians,” according to the report.

MALAYSIA:::Putrajaya mulling savings fund for foreign workers through wage cuts

The government is considering deducting wages from foreign workers to create a savings fund for them, minister Datuk Paul Low said today.
“It’s very tough to go back without any money. Of course in some cases, they send all the money back, in some cases they lost the money locally through leakages,” Low, who is minister in the Prime Minister’s Department, said at the launch of the World Bank’s 13th Malaysia Economic Monitor report.