Pikom Malaysia’s economic and digital labor market outlook shows weak growth in 2021, better outlook in 2022

  • Acceleration of digital adoption driven by MyDigital & 5G deployment
  • Jobstreet sees an increased future need for “digital first” skills and expertise in the market

Pikom Malaysia's economic and digital labor market outlook shows weak growth in 2021, better outlook in 2022This year’s National IT Association of Malaysia (Pikom) key research publication is renamed “Economic and digital labor market outlook”Focusing on an analysis of the economy, offering a critical look at the digital economy, annual local wage trends for 2021 and 2022 and a regional wage outlook.

Launching the report today, Pikom Chairman Danny Lee said, “This year’s post is all the more poignant and offers a wealth of insight to readers, not just on local digital job salary trends. , but also against eleven economies. “

“This important report provides valuable information to our members and to the industry as a whole. This information provides essential guide to the challenges and opportunities for digital industry players, planners and policy makers in government as we take the next step of the new normal. “

The report, presented by Woon Tai Hai Research Chair, found that some aspects of the market have grown by leaps and bounds, e.g. e-commerce, online connectivity infrastructure, digital adoption, payment platforms. digital and certainly the digitization of certain service-oriented sectors.

“The use of ‘transform’ for some may be obsolete and instead ‘acceleration’ is more appropriate. While the economic contribution of digital to the national economy may have reached the 20% target set many years ago, we believe that this digital journey could further accelerate and “reshape” potentially the digital industry landscape. In addition, MyDigital Blueprint and 5G deployment initiatives will be another impetus to move the industry forward, ”said Woon.

Pikom Malaysia's economic and digital labor market outlook shows weak growth in 2021, better outlook in 2022

Pikom has forecast GDP growth for 2021 and 2022, although slower growth of 2% to 2.5% for 2021 and 4.5% to 5% for 2022. It also released its outlook on debt budget, currency, inflation, interest rates, unemployment rate and commodity prices, including the impact on the overall economy.

In terms of salaries, based on JobStreet data and Pikom’s analysis and estimates, there is a clear downward trend from 2019 to 2020 for local salary outlook. Wage growth in 2020 was on average 2.2% and the forecast for 2021 is only 0.1% and for 2022 2.0% as a direct impact of the pandemic, including periods MCO, economic uncertainties and job losses.

Despite this, the number of advertised jobs remained high, reaching 135,451 in 2020 and 97,909 in 2021 (through June), according to JobStreet, Malaysia’s leading employment platform and Pikom’s strategic partner in the publication.

Pikom Malaysia's economic and digital labor market outlook shows weak growth in 2021, better outlook in 2022JobStreet general manager Vic Sithasanan (Photo) advised employees to improve their skills and learn continuously in order to remain relevant. “JobStreet predicts that the percentages of ‘digital first’ skills and expertise would increase even more due to the growing demand for digital tools and processes. Therefore, there is an urgent need for people to upgrade themselves with knowledge of digital technologies coupled with digital literacy and transferable skills, ”he said.

Regionally and globally, comparing Malaysian tech salaries to our peers, Malaysia continues to slide with Thailand at a multiple of 1.21 times, Singapore of 1.98 times and the United States of 2, 10 times. These figures have been corrected for purchasing power parity (PPP).

Besides MDEC and JobStreet, other report partners included AngkasaX, Glocomp, Fusionex, Firmus, Dell, TrendMicro, VSTECS, BDO, Powerware Systems, LGMS, Hitachi Sunway, and EKTECH.

Further information can be obtained here, including the summary.

Pikom Malaysia's economic and digital labor market outlook shows weak growth in 2021, better outlook in 2022

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