The employment market hinges heavily on the economic situation of a country. If the economy is booming, the employment market thrives, increasing job opportunities for everyone. So if we want to know how the employment market would fare this year, let’s check out what the economists have to say about Malaysian Economic Outlook.

Malaysian Institute of Economic Research gave an excellent executive summary on January 26th 2010 and the following are some of the pertinent points highlighted:-

In Oct 09, the IMF anticipated the global economy to expand by 3.1% yoy in 2010, from a 1.1% yoy decline in 2009. In 3Q09, Malaysia’s GDP improved to -1.2% yoy (2Q09: -3.9%) due to rebound in manufacturing, construction, and services sectors.

Stabilising global and domestic demand conditions resuscitated manufacturing output, while large public expenditure contributed to expansion in both construction and services activities. Nevertheless, the external sector remained relatively weak in 3Q09.

To enhance the image of Malaysia to foreign investors, liberalisation measures were implemented on 27 services sub-sectors in Apr 09.

There are glimmer signs that the global downturn has stabilised somewhat, but the recovery is expected to be sluggish and uneven. The healing from the current crisis will be difficult compared to previous ones because of the synchronised nature of the downturn. It will take time and huge resources to revive the deeply entangled US financial sector, while policy options are running out. The weak external sector will impede a faster recovery, and the lower commodity prices are not helping either.

Banks are becoming more cautious as bad loans could rise soon, limiting the flow of funds to firms. The services sector will be the pillar of strength amidst a glum manufacturing sector. However, Malaysia may not regain more strength until the global economy is back on track, which is going to be at a disappointingly slow pace.

To read the whole summary, go to:-

MIER - Malaysian Economic Outlook »

Not the best of news, shall we say? But, we can safely gather that the services sector will continue to remain strong. And our earnest hope is that the 27 services sub-sectors identified to enjoy liberalization measures will witness a good growth and in turn help generate employment opportunities.

The services sub-sectors for liberalization include:

• Computer and related services

• Health and social services

• Tourism services

• Transport services

• Sporting and other recreational services

• Business services

• Rental/leasing services without operators

• Supporting and auxiliary transport services

For wage earners, the main concern is sometimes not so much on which industries to enter and which to avoid, but rather the potential of the job at hand, whether it will continue to be in demand or not. Not long ago we put up a posting on Top 10 Hot Jobs in Demand and very likely, these jobs would continue to stay hot for the rest of 2010.

As for whether your current employment is going to be on top or below the salary scale, please hop in to this site to find out…

Payscale for Malaysia »