Wednesday, 31 Mar 2021 01:37 PM MYT
“Looking to the longer term, the crisis has also provided Malaysia with an opportunity to reset and build stronger fundamentals on multiple fronts. She said labour-related policies to improve training and matching mechanisms as well as enhance workers’ resilient, should compliment these efforts. The low-cost production model suppresses wages and productivity enhancement, high-skilled job creation has been insufficient to keep up with the entry of fresh graduates, and there has been skill mismatches between workers and industry needs, she said.
On innovation reforms, she said it is timely for Malaysia to embark on the 3D reforms -- accelerate Digitalisation, rethink Downstreaming, and reduce Distortion, that would reset Malaysia to its higher quality growth. She expects the digital economy share will rise further post Covid-19, with the widespread remote working arrangement and the acceleration in e-payment and e-commerce.