The job market for graduates in Malaysia shows a positive development with the number of graduates increasing by 4.2% to 5.74 million people, according to a report by the Department of Statistics Malaysia.
Chief Statistician, Datuk Seri Dr Mohd Uzir Mahidin, stated that the achievement was shaped by a strong economic environment and labor market.
More interestingly, 67.6% of employed graduates, equivalent to 3.21 million graduates, were in the skilled job category and mostly in professional fields.
In addition, the skills-related unemployment rate recorded a decrease of 0.7%, indicating the success of Malaysia's efforts in aligning graduate qualifications with job market demands.
The services sector remains the largest employer, involving 77.5% of graduates, followed by the manufacturing sector (13.4%) and construction (6.3%).
Interestingly, the number of graduates working below their qualifications decreased to 1.54 million people, reflecting the increasing compatibility between jobs and skills.
With a graduate labor force participation rate (GLFPR) of 85.7%, the Malaysian labor market continues to show encouraging dynamics.
This gives hope to new graduates to be more confident in finding employment opportunities that match their qualifications.
Factors such as job growth in the skilled category and a decline in skill-related unemployment reflect that Malaysia is on a solid track to continue developing a progressive graduate job market.
