Speed up labour market reforms to support economic growth, says BNM

WHILE continued economic activity expansion is expected this year as conditions normalise following the Covid-19 pandemic, labour market reforms must be accelerated to support economic growth, Bank Negara Malaysia (BNM) said.

Slack in the labour market – shortfall in demand for labour relative to the supply of available workers in the economy – is expected to reduce further and supported by continued strength in the employment recovery momentum, it said in its Economic and Monetary Review (EMR) 2022 report.