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Economic and labour market determines developed country status

Wednesday, 9 November 2016

malaysia

KUALA LUMPUR: Among the crucial factors for Malaysia to achieve the status of a developed country instead of merely a high-income nation by 2020 involve the structure of the economy and labour market, said an economist.

According to former senior lecturer, Department of Development Studies, Universiti Malaya, Lee Hwok Aun, what’s important is the structure of the economy and labour market, whether we are high-skilled labour, high productivity, or high wage country.

Lee pointed out that a high-income nation referred to the gross national income per capita which was unnecessarily related to high wages.

Currently, the minimum hourly wage in the country stands at below RM5 per hour, which is still very low.

We need to shift our focus on promoting high hourly wages and high hourly productivity in order to achieve the status of a developed country.

Lee pointed out that the Household Income Survey conducted by the Government between 2012 and 2014 had shown that the Bottom 40 group’s income increased by 17.2% year-on-year compared with 11.3% for the Middle 40 group and 8.5% for the Top 20 group.

The growth could be driven by the rise in income contribution to a household due to more children in a family, and the introduction of the 1Malaysia People’s Aid in 2012.

Source by: Internet

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