24^th  June 2024, Kuala Lumpur – The 31^st edition of the Productivity Report themed “Driving Malaysia’s Productivity” released by the Malaysia Productivity Corporation (MPC), was officially launched today. Malaysia’s 2023 productivity performance reflected the country’s normalised economic growth at 3.7 per cent. The country’s 2023 labour productivity per employee was positive, moderated to 0.9 per cent compared with 2022’s jump of 5.4 per cent. The country’s productivity level increased to RM96,692 per employee in 2023, rising slightly from RM95,858 in 2022. Despite the minimal rise, the progress indicates productivity resilience against economic challenges.

MPC’s Director General, Zahid Ismail, said the Productivity Report 2024 recommended emphasis on regulation, technology, and talent to multiply productivity growth.

“Policymakers and regulators should apply the Good Regulatory Practice (GRP) approach to facilitate business, trade, and investment. Businesses, especially small and medium enterprises (SMEs), should adopt technology and modern management practices to increase efficiency and minimise costs. Policymakers, companies, workers, and academicians must work together on labour market reform to ensure a demand-driven skilled workforce.”

“We are optimistic about achieving the productivity target of an average 3.7 per cent annual growth rate between 2021 and 2025, with a productivity level of RM107,170 per employee in 2025, as outlined in the Mid-Term Review of the Twelfth Plan.”, said Zahid.

In conjunction with the launch of Productivity Report 2024, MPC is organising Productivity Week, thematically focusing on levelling up regional productivity. The programme analyses the widening productivity gap among states in Malaysia, its challenges and solutions, implications for inclusive economic growth and a balanced standard of living for all. The sessions feature best practices and guiding principles on bridging regional productivity gaps, drawing lessons from the UK and international practices.

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About Malaysia Productivity Corporation (MPC)

MPC is a statutory body under the Ministry of Investment, Trade and Industry (MITI). It drives national productivity holistically at the national, sectoral, and enterprise levels through three main thrusts: developing future talent, driving digitization and innovation, and building a robust ecosystem. It collaborates strategically with the private and public sectors by emphasising productivity as a key agenda to boost productivity growth and national competitiveness, ultimately leading to shared well-being and prosperity.

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