KUALA LUMPUR (March 31): Bank Negara Malaysia (BNM) Governor Datuk Nor Shamsiah Mohd Yunus said today comprehensive labour market policies are needed in Malaysia to support recovery from the Covid-19 pandemic crisis and prepare the workforce for the future of work.
Nor Shamsiah said the country needs continued effort to catalyse economic transformation particularly through improvements to the investment ecosystem to attract and facilitate investments that can create high-skilled jobs.
“Labour-related policies to improve training and matching mechanisms as well as enhance workers’ resilience should complement these efforts.
“Being forward-looking in a post-pandemic world is crucial and will require greater policy adaptability and flexibility to benefit from the rapid shifts in global trends,” she said today during a virtual press conference in conjunction with the release of BNM’s Annual Report 2020 besides the central bank’s Economic and Monetary Review 2020 and Financial Stability Review for Second Half 2020 reports.
According to Nor Shamsiah, it is also timely for Malaysia to embark on reforms that emphasise innovation-led growth, with the 3Ds of reforms which espouse the need to accelerate digitalisation, rethinking down streaming and reducing distortion.
She said the 3Ds of reforms will reset Malaysia towards higher-quality growth.
More to come
Read more stories from the BNM Annual Report 2020 here.
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