KUALA LUMPUR: The rise of the gig economy contributed to the dip in youth unemployment as there is a steady increase in "Own Account Workers" according to Maybank Investment Bank Bhd (Maybank IB).
Informal jobs in the first five months of 2023 (5M2023) increased 7.7 per cent, surpassing total employment growth of 2.7 per cent in 5M2022 and 3.5 per cent in overall of 2022.
Department of Statistics Malaysia (DOSM) defines "Own Account Worker" as mostly daily income earners working as small businesses such as small retailers; hawkers; sellers in markets and stalls; as well as smallholders.
Maybank IB said "Own Account Workers" registered an increasing trend with an addition of 14,000 persons by 0.5 per cent to 2.94 million persons.
Maybank IB pointed out that while youth unemployment rate has moderated for seven straight months to 11.0 per cent in May 2023, it remains above the pre-pandemic low of 9.9 per cent in Dec 2020.
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