Youth Unemployment in Malaysia for World Bank- myassignmenthelp.com

Question: Discuss about theYouth Unemployment in Malaysia for World Bank. Answer: The Malaysian economy adversely impacts the youngsters. Foremost, moderating economic growth and wary business sentiments have restrained the companies from increasing their workforce. As a result, the unemployment among the youths, especially the graduates is on the rise. The graduates are having a difficult time in securing employment in this economy where the firms have scaled back on hiring. Figure 1: Source: The World Bank The data from figure one exhibits that the issue of youth unemployment in Malaysia is becoming problematic. For the past five years, youth unemployment has remained above10 percent. The unemployment among this category of the population was high in 2015 and 2016, that is, 11.82% and12.12% respectively(The World Bank, 2017). According to the Bank Negara Malaysia, the youths are most vulnerable to the economys trends. They are last to be employed and first to be rendered redundant. Such adverse experience among the youths in this country is caused by lack of experience, poor communication skills and lack of sufficient information about available opportunities in the labor market(Star Media Group Berhad, 2017). Underemployment Even those youths that have managed to get employment are facing the issue of underemployment. Most of the degree holders are engaged in occupations that do not require such level of educational attainment. This scenario shows that these youths are underutilized, receive low wages and also encounter other lousy career circumstances. A study by Bank Negara Malaysia reveals that underemployment in Malaysia is rising because Malaysian economy is facing challenges of drawing high-quality investments that would provide high-skilled and high-paying jobs for the graduates( The Coverage Malaysia, 2015). As a result of unemployment and underemployment, most of the Malaysians youths are living in poverty. Researches show that 67 percent of the youths receive a monthly salary that is below 1000 RM whereas 21 percent get between 1000 RM and 1500 RM( The Coverage Malaysia, 2015). This scenario demonstrates that the youths in this country face difficulties in obtaining essential needs and services. Solutions to Challenges Facing the Youngsters Address Skill Mismatch Firms and employers in Malaysia overwhelmingly consent that the quality and content of education in the country do not sufficiently prepare the students to exploit the opportunities in the industry. Therefore, addressing disparities in skill mismatch is essential in ensuring that the issue of unemployment among the youngsters is brought under control. Firstly, there is a need for greater collaboration between the companies and institutions of higher learning in enhancing the quality and content of education. For instance, industry experts should be involved in developing and improving university curricula. They should also be included in teaching short courses at colleges and universities, supporting final year projects, as well as participating as board members of university education institutions. Such efforts will assist the students to acquire the necessary technical and soft skills needed for a particular field in an economy. Additionally, the government should put measures in place to incentivize more firms to offer apprenticeship opportunities to scholars in diverse fields of study. This program can be achieved by providing tax incentives to companies that give attachment and internship opportunities to the students. With a highly and well-educated workforce, Malaysia can also attract high-quality investments that will provide top paying jobs to the graduates and thus solve the issue of underemployment and poor remunerations. Providing Information According to the Bank Negara Malaysia, poor information in Malaysian labor market is one of the factors that increase youth unemployment in the country(Star Media Group Berhad, 2017). Addressing this problem will help minimize the issue youths face. Hence, the government should take a more proactive role in ensuring that the youths are informed about the available job opportunities. This scheme can be attained by establishing sufficient job information centers. References The Coverage Malaysia. (2015, December 8th). 400,000 Young Malaysians Unemployed and 88% of Youth Earning Below RM 1500? Retrieved October 20th, 2017, from https://thecoverage.my/lifestyle/youth/400-000-young-malaysians-are-poor-and-unemployed/ Star Media Group Berhad. (2017, March 27th). Young and jobless . Retrieved October 20th, 2017, from https://www.thestar.com.my/business/business-news/2017/03/27/young-and-jobless/ The World Bank. (2017). Unemployment, youth total (% of total labor force ages 15-24) (modeled ILO estimate). Retrieved October 20th, 2017, from https://data.worldbank.org/indicator/SL.UEM.1524.ZS?end=2016locations=MYstart=2011