SINGAPORE, Sept 3 — An acute manpower shortage in coffee shops and restaurants in Johor Bahru has been reported in Malaysia as more workers choose to cross the Causeway to...
SINGAPORE, Sept 3 — An acute manpower shortage in coffee shops and restaurants in Johor Bahru has been reported in Malaysia as more workers choose to cross the Causeway to Singapore for work, according toWhile the Malaysian ringgit has appreciated slightly from its record low against the Singapore dollar in July, the weak currency has led some Malaysians to pursue work opportunities in Singapore in search of better pay.
At the recent state polls in Malaysia, besides retaining its strongholds in Kedah, Kelantan and Terengganu, the opposition Perikatan Nasional made headway in the ruling Pakatan Harapan and Barisan Nasional coalition¬’s dominant states of Penang, Selangor and Negri Sembilan. Investors concerned about debt sustainability might sell off the currency, leading to depreciation, she added.in Malaysia reported in February this year that the country’s external debt stood at 1,169.4 billion ringgit as of end-September 2022.
This means that due to the stronger US dollar, Malaysian exporters may choose to retain its export proceeds from commodities, for example, in US dollars instead of the ringgit, which places further pressure on the ringgit and could cause it to depreciate. This would mean that Malaysia would not be able to regulate the movement of foreign investment and this will affect the country’s “confidence and competitiveness”, Maslan added.
Its finance ministry said in June that the government remains committed and focused on implementing structural policies that are able to increase economic growth and the country’s competitiveness in order to attract inflows of funds and foreign investment that will support the ringgit. Still, Saktiandi from Maybank said that the ringgit is expected to somewhat strengthen going into 2024. Malaysia’s recent announcements on the “Madani Economy” and its green initiatives would be a “positive” sign for its economy and its ringgit in the medium term.
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