Kuala Lumpur (VNA) – Malaysia’s labour productivity contracted by 5.4 percent in 2020, marking the first time since the 2008-2009 global financial crisis, due to the fallout from the COVID-19 pandemic, Malaysia Productivity Corporation (MPC) said on February 22.
MPC Director General Datuk Abdul Latif Haji Abu Seman said the decline was inevitable, but only temporary.
MPC believes the productivity growth is set to climb up this year, and the positive projection aligns with the International Monetary Fund (IMF)’s forecast of Malaysia’s GDP to grow by 7.1 percent in 2021, he added.
He urged the public and private sectors to enhance the productivity of companies as well as individual productivity in producing goods and delivering services.
Enterprises should focus on processes to increase production and leverage on digital technology to widen their market reach.
MPC’s Malaysia Productivity Blueprint (MPB) outlined five drivers for productivity growth, namely talent, technology, incentives, business environment and productive mindset.
Technology especially digital technology, one of the key drivers to boost productivity level, has proven as the effective delivery, communication, and coordination tool in workplaces.
The strategies and initiatives in the recently-launched Malaysia Digital Economy Blueprint (MyDigital) are expected to reiterate the role of digital technology in boosting productivity in 2021.
MyDigital envisions the future when Malaysia will have a digitally enabled government, which will provide more efficient, effective, and transparent delivery and a digitalised business environment which will reduce cost and increase operational efficiency towards economic sustainability./.
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