Young and Jobless in Malaysia by WZ.docx - DEPARMENT OF ECONOMICS AND AGRIBUSINESS SCHOOL OF ECONOMICS FINANCE AND BANKING(SEFB BEED 1013 MALAYSIAN

Young and Jobless in Malaysia by WZ.docx - DEPARMENT OF...

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BEED 1013 MALAYSIAN ECONOMY SECOND SEMESTER SESSION 2018/2019 YOUNG AND JOBLESS IN MALAYSIA LECTURER NAME: PROF.MADYA DR. SITINURAZIRA BINTI MOHD DAUD STUDENT NAME: CHEE YUNG CHEN 262209 HO JUN WEN 263225 DATE OF SUBMISSION: 7 APRIL 2019 DEPARMENT OF ECONOMICS AND AGRIBUSINESS SCHOOL OF ECONOMICS, FINANCE AND BANKING (SEFB)
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INTRODUCTION The Asian Financial crisis started in Thailand in 1997 and reached almost every country in Asia, it bring a great socio-economic impact in the countries of this region. The massive increase in unemployment and the after effect increase in poverty following the financial crisis were among the most challenging policy in the countries involved. The unemployment rate of Malaysia rose from a 5.0 in 1984 to 5.6 in 1985, reaching a historic peak of 7.4 in 1986, and is estimated to remain high at 5.7 in 1989 then it slowly decrease over the years and remained at an average of 4.0. The International Labour Organisation (ILO) reported that youth unemployment is on the rise again in 2017, particularly in emerging market economies, after improving slightly between 2012 and 2015. The ILO also cited studies which find that early youth unemployment has serious long-term negative effects on future incomes and future risk of unemployment, particularly for youth who were immediately afflicted by unemployment upon graduation from universities. Breaking down to how we get unemployment of youth starts with the population of a country. For purpose of example, Malaysia’s total population in year 2017 is 31.62 million, as for people for are in labour force (people who are in the working age 16-64 years old employed and unemployed but actively looking for job) is 15 million, 7.1 million or 32% of working age population were outside labour force (student, housewives, retirees and does not have interest to work). 14.5 million of the labour force were employed and 502.6 thousand or 3.4% were unemployed. As for youth that were unemployed, instead of working age of 16-64 years old we take 15-24 years old into calculation. In the youth working age, 10.8% of youth were unemployed. 1
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WHAT IS UNEMPLOYMENT Unemployment is an unwelcome issue that may happen in every country around the world even a high income country. As long as the person is commits in the labour market, he or she may one day become unemployed. To understand unemployment, first we have to know what employment is. Employed is any person 16 years old or older who works for pay, either for someone else or in his or her own business for 1 or more hours per week, who works without pay for 15 or more hours per week in a family enterprise, or who has a job but has been temporarily absent with or without pay. So, unemployed is a person 16 years old or older who is not working, is available for work, and has made specific efforts to find work during the previous 4 weeks. There are few groups of people are not consider in this two categories and as outside the labour force, which is student, housewife and disable person.
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