Service Sector In Malaysia 2020

The covid 19 pandemic in malaysia is part of the ongoing worldwide pandemic of coronavirus disease 2019 covid 19 caused by severe acute respiratory syndrome coronavirus 2 sars cov 2 the virus was confirmed to have reached malaysia in late january 2020 when it was detected on travellers from china arriving in johor via singapore on 25 january following the outbreak of covid 19 in hubei.

Service sector in malaysia 2020. The service sector is projected to grow 6 2 year on year y o y in 2020 from 6 1 this year making it the fastest growing sector of the economy. These investments involved 1 725 projects and will create 37 110 employment opportunities in malaysia. The wholesale and retail trade sub sector is expected to grow at 6 8 and 7 in 2019 and 2020 respectively. Nevertheless under the third industrial master plan imp3 2006 2020 the services sector is expected to contribute significantly to country s economic growth with the aim to position malaysia to become a regional centre for selected services malaysian industrial development authority mida 2010.

Labour productivity in malaysia is significantly higher than in neighbouring thailand indonesia philippines or vietnam due to a high density of knowledge based industries and adoption of cutting edge technology for manufacturing and digital economy. Cuepacs says malaysia s civil servants should be viewed as a team whose members complement each other. Since gaining independence in 1957 malaysia has successfully diversified its economy from one that was initially agriculture and commodity based to one that now plays host to robust manufacturing and service sectors which have propelled the country to become a leading exporter of electrical appliances electronic parts and components. Malaysia recorded a total of rm64 8 billion worth of investments in the manufacturing services and primary sectors for the first six months of 2020 despite multiple headwinds on the global front.

Of the total investments approved domestic. The growth in 2020 will be underpinned by an expansion in most sub sectors. Public bank economic review 2008. The wholesale and retail trade subsector is expected to grow at 6 8 and 7 in 2019 and 2020 respectively.

Services sector accounted 56 0 per cent of gdp grew 6 9 per cent against 7 2 per cent in the preceding quarter. The economy of malaysia is the third largest in southeast asia after indonesia thailand and is the 35th largest economy in the world. In addition specific targets to transform the services sector are as follows. The performance of services sector was underpinned by wholesale retail trade and information communication sub sector.

The congress of unions of employees in the public and civil services. The services sector is expected to grow at 6 8 per annum and contribute 56 5 to the gdp in 2020 and provide 9 3 million jobs.