PETALING JAYA: The Malaysian economy is anticipated to achieve a productivity growth of three to four per cent this year.
Based on the Productivity Report 2012/2013, this forecast would be supported by the current performance of the various economic sectors.
The construction industry was expected to register a productivity growth of 13 per cent and an output growth of 15 per cent this year, supported by oil and gas, transport and utilities sub-sectors, according to the report.
Minister of International Trade and Industry Datuk Seri Mustapa Mohamed said the Malaysian economy registered a productivity growth of two per cent last year to a productivity level of RM58,875 from RM57,737 in 2011.
Productivity is a measure of output per employee which is derived based on the Gross Domestic Product (GDP) divided by the labour force in the country.
He said the increment had revealed that the Government Transformation Programme and Economic Transformation Programme (ETP) has borne fruit in escalating productivity performance of several economic sectors.
“This was particularly seen in construction which experienced high productivity growth of 15.5 per cent, followed by manufacturing with a growth of 4.5 per cent and the services sector which grew 1.8 per cent,” he said at the launch of the Productivity Report 2012/2013 and Productivity Forum 2013, here yesterday.
Malaysia Productivity Corp Chairman Tan Sri Azman Hashim said productivity is a vital component of competitiveness in the environment of a borderless world.
“A key enabler towards higher productivity growth is the productivity value of Malaysian workers,” he added.
Azman mentioned that Malaysia has been registering high productivity growth compared with developed countries.
“However, Malaysia has still to benchmark against countries with higher level of productivity such as Sweden, Norway, the United States, Switzerland, Hong Kong and Germany,” he said.
He added that these countries were ranked in the top ten in Productivity and Efficiency in the World Competitiveness Yearbook 2013.
Nevertheless, he said the ETP Report had indicated that Malaysia is on track to become a high-income economy by 2020.
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