Malaysia’s labour productivity per employee up 2.0 pct in 2Q

KUALA LUMPUR: Malaysia’s labour productivity grew by 2.0 per cent per employee in the second quarter ( 2Q) of this year and recorded positive growth across all main and priority subsectors.

In a statement, International Trade and Industry Minister Darell Leiking said the mining and quarrying sector recorded the highest productivity growth at 5.2 per cent, followed by construction (four per cent), services ( 2.5 per cent), manufacturing (1.5 per cent) and agriculture (1.3 per cent).

“Productivity growth is the key to sustainable living standards and Malaysia needs to explore new ways of challenging the frontier.

“We will continue to implement various initiatives and activities to provide a conducive business environment to support industries and enhance productivity.”

Darell said modernising business regulations is one of the initiatives that would lead to a more competitive business environment.

A total of 32 projects under Modernising Business Licensing, Reducing Unnecessary Regulatory Burden and Cutting Red Tape Programmes were completed last year.

“It is estimated that these projects would result in potential compliance cost savings of RM1.2 billion,” he said.

Darell also said new technologies must be mastered to enhance the nation’s productivity and competitiveness in order to achieve the annual target growth of 3.7 per cent. — Bernama