JOHOR BARU: The government is closely monitoring the labour market and has put measures in place to safeguard jobs as global supply chain disruptions continue to pose risks to economic activity, says Economy Minister Datuk Seri Akmal Nasrullah Mohd Nasir.
He said employment remained one of the government’s key indicators, noting that the effects of economic shocks on jobs often take longer to emerge than other economic indicators.
“Unemployment in April was higher than in March, but remained lower than in January. This suggests the full impact of the current crisis has yet to be reflected in the labour market,” he told reporters after attending a Qurban programme at Masjid Jamek Bandar Baru Uda here yesterday.
Akmal Nasrullah said the government’s immediate priority since the onset of the crisis had been to ensure the continuity of economic activities, particularly by addressing concerns over energy security.
The Johor Baru MP said Malaysia’s oil supply is expected to remain sufficient until the end of July, providing some assurance to industries and consumers.
“We need to ensure economic activities continue uninterrupted. Industries must be able to operate and maintain production, which in turn helps preserve jobs,” he said.
He added that funds have also been allocated for worker protection measures, including the Wage Subsidy Programme and employment insurance schemes, to cushion any potential impact on workers.
Akmal Nasrullah said the government is concerned about disruptions involving industrial inputs, especially petrochemical-related materials, which could force manufacturers to scale back production or suspend operations.
“If there is a shortage of critical inputs, industries may have to reduce output or halt production lines. That will affect economic activity and potentially employment,” he said.
To address the issue, the government is engaging industry players and foreign governments to secure essential supplies.
Akmal Nasrullah said the matter has also been discussed at the National Economic Action Council, ahead of Prime Minister Datuk Seri Anwar Ibrahim’s upcoming visit to Japan.
On developments in the Middle East and ongoing discussions involving the United States and Iran, he said recent announcements has helped ease pressure on global oil prices.
Brent crude prices have declined over the past week and remained below US$90 (RM357) per barrel, while spot prices stayed below US$100 (RM397) per barrel, he said.
“The recent developments have had a positive effect on oil prices, but the situation remains volatile. Our concern is not only the price of oil, but also the availability of physical supplies in the global market,” he said.
