PETALING JAYA: Malaysia’s weak manufacturing activities, as measured by the Purchasing Managers’ Index (PMI), reflect signs of a downturn in the country’s industrial production and gross domestic product performance.
This is based on the historical relationship between the PMI and official statistics, according to IHS Markit, which compiled the PMI data.
IHS Markit said the manufacturing sector continued to be badly hit by the Covid-19 contained measures, with production falling sharply for the second consecutive month and new orders moderating further.
In July 2021, the domestic manufacturing activities remained in the contraction territory for the second month as the Purchasing Managers’ Index (PMI) was recorded at 40.1, as compared to 39.9 in June.
Full shutdown of manufacturing sector will have adverse effect on economy
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Economic Action Council executive director: Full shutdown of manufacturing sector will have adverse effect on economy | Malaysia
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MALAYSIA’s rehabilitation for its addiction towards cheap foreign labour is now long overdue.
Covid-19 has come to disrupt the supply since last year and the withdrawal symptoms have already started to crop up.
The road to addiction may have very well started in the 1980s during Malaysia’s journey of industrialisation and economic growth where the temporary solution to meet the severe labour shortage was foreign workers.
The Medan Agreement was inked in 1984 for plantation and domestic workers while the later part of the 1980s would see the green light given to recruit workers from the Philippines, Thailand and Bangladesh. It was not really a problem, or at least those who tread the corridors of power did not seem to think it was, until Malaysia tried to climb the high-income ladder.