Convincing Features
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Covid-19 not only exposed the vulnerability of most industries especially industries that relies on air travel and tourism but resulted in the exponential increase of unemployment in Malaysia with dire consequences.
At the same time, online business or trade and ‘GIG’ economy increased exponentially. In Malaysia, the labour market was affected via job losses and reduction in working hours implemented by employers as cost-cutting measures.
Almost all industries were affected by unemployment for the year 2020 at 711,000, increased from 508,200 for year 2019 or unemployment rate increases to 4.5% (2020) from 3.3% (2019) as reported by the Department of Statistics Malaysia (2020).
Based on the information above, elaborate on the measures to encourage
entrepreneurship as a way of reducing unemployment in Malaysia to battle layoffs as a whole. (2000 words)
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