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Despite the persistent cost pressure, headline inflation – as measured by the change in consumer price index (CPI) – in Malaysia is expected to moderate in the year ahead. ....
Center for Market Education Sdn Bhd chief executive officer Carmelo Ferlito (pic) says the reliance on cheap labour is not the main problem. WHILE the wage-to-gross domestic product (GDP) ratio of many advanced economies has been declining over the years, Malaysia is still playing catch-up despite seeing steady growth since 2005. According to a 2019 paper by the International Labour Organisation (ILO), globally, the share of national income going to workers is falling, from 53.7% in 2004 to 51.4% in 2017. Comparatively, the contribution of compensation of employees to Malaysia’s GDP increased to 35.9% in 2019 against 35.8% in 2018, according to the Statistics Department. According to the Asian Development Bank Institute, the steady increase can be attributed to the growing importance of more traditional service sub-sectors and small and medium enterprises in the economy. ....