More Malaysians will suffer from unemployment

Global financial crisis recur every 10 years, it is estimated to hit Malaysia economy by year 2017 again since the last crisis which is happened in year 2007-09. It hurts the economy so badly, big companies such as Lehman Brothers collapsed, stock market dropped worldwide, unemployment rate raised.

What happened to the market lately?

According to the Malaysia Labor Force Statistics, the country’s unemployment rate has increased by 0.1% just in one month, it rose from 3.4% in June to 3.5% in July 2016, .  The number of people unemployed are count at 516200 (working adults). Unemployed person refers to the person who is actively looking for a job. Source: Department of Statistics Malaysia

Mean while in Penang, another wave of retrenchment just hits the manufacturing sector. Over 200 employees in the manufacturing plant will be out of jobs. Source: New Straits Times

How to get through the next financial crisis?

  1. Stay with your current employer. New job may required new set of skills. Do make use of your skills in the current job. Quitting from a job is always easier than finding a job. Think twice before making a hop.
  2. Run a side business. There are many services good to run in the neighborhood. It can be hourly house maid, nanny, web designer, and so on.
  3. Stop invest before the market bubble. One thing for sure, there is a peak for everything. The bubble burst when there is no demand to what the sellers offered. During economy downturn or recession, people are tend to sell off on hand stocks rather than hold on. Keep more spendable money in your saving account is a wise choice.