1. Describe the unemployment scenario globally between 2016 to August 2020. Use table n statistics to...

1. Describe the unemployment scenario globally between 2016 to August 2020. Use table n statistics to illustrate your answers.

2. Explain at least four (4) reasons for the unemployment in Malaysia n suggest the remedy for the problems.

Expert Solution

1)According to International labor organization global joblessness was more than 200 million in 2017.Unemployment was high in 2016 particularly in Asia ,Africa , Latin America nad Middle east.Global unemployment fell to 5% in 2018, the lowest figures since the economic crisis of 2007-08.World unemployment fell further to 4.9% in 2019.Many jobs have been lost globally since the beginning of the covid 19 pandemic.In the second quarter of 2020 , there was loss of 495 million full time jobs .The loss will pile up as the year 2020 ends.

2)The graduates lacked suitable skill and qualification needed by industries,the graduates were weak in employment skill and their working performance were not good,A study by central bank of Malaysia found that Malaysian graduates in comparison to international graduates were less skilled,the graduates were of low quality and lacked technical skills problem solving skills, communication skills in English, creativity, critical thinking etc.Thus the factors that led to unemployment were fast increase in graduated workforce,lack of proper connection between educational institutions and industry, lack of training for employment ,lack of capability and skills of graduates.

There is a big difference between the quality of Malaysian graduates with international graduates.Remedy to these problems are increase in skills of graduates ie education system should aim at developing the skills of the graduates so that they meet the needs of the industries,proper training for employment , large investment in improving human capital etc.

Rahul Sunny answered 1 year ago

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