Brunei’s youth unemployment highest in Southeast Asia: IMF
At a whopping 31.7 per cent, Brunei has the highest youth unemployment rate of locals in the ten countries of the Association of Southeast Asian Nations, a new country report by the International Monetary Fund (IMF), which uses reference date from 2017, found.
Youth unemployment rose from 29.6 per cent in 2014 when the last labour force survey was last conducted. It was then and is now still the highest among ASEAN countries, posing a concern for Brunei’s economy and society at large and needs to be addressed urgently, the IMF said.
“International experience shows that youth unemployment has significant economic and social consequences,” the report noted.
“Large and persistent unemployment rates lead to skill attrition, depreciated human capital, outward migration of skilled labour and an increase in social and political resistance to reforms. Long-term youth unemployment can even erode social cohesion and institutions. For example, experience from other countries shows that there is a negative relationship between youth unemployment and trust in society,” it added.
Noting that youth unemployment was usually twice or more as sensitive to economic growth than adult unemployment, the IMF recommended to the Brunei government to implementstructural labour market reform to address the unemployment issue. The report also suggested the country to leverage on technology and digitalisation that could help turn Brunei’s young and tech-savvy population into an asset.
Given that automation and digital technology are taking over tasks of human labour, the report notes that it was “important for young people in this new era to be equipped with necessary skill sets to face the challenge and be more competitive in the job market. On the other hand, technology also brings innovation and new opportunities, generating potentials for new jobs that give young people comparative advantages.”
The overall unemployment rate for locals in Brunei increased to 11.5 per cent in 2017 from nine per cent in 2014. While unemployment rates for all levels of education remain high, those with vocational background have the highest unemployment, underscoring the need for enhancing the quality of vocational training and reducing skill mismatches.
Diversifying the economy, supporting entrepreneurship, attracting more foreign direct investments and developing private sector growth were also critical, the IMF said.
Not much signs of wealth inside Brunei's floating villages © Arno Maierbrugger At a whopping 31.7 per cent, Brunei has the highest youth unemployment rate of locals in the ten countries of the Association of Southeast Asian Nations, a new country report by the International Monetary Fund (IMF), which uses reference date from 2017, found. Youth unemployment rose from 29.6 per cent in 2014 when the last labour force survey was last conducted. It was then and is now still the highest among ASEAN countries, posing a concern for Brunei's economy and society at large and needs to be addressed...
At a whopping 31.7 per cent, Brunei has the highest youth unemployment rate of locals in the ten countries of the Association of Southeast Asian Nations, a new country report by the International Monetary Fund (IMF), which uses reference date from 2017, found.
Youth unemployment rose from 29.6 per cent in 2014 when the last labour force survey was last conducted. It was then and is now still the highest among ASEAN countries, posing a concern for Brunei’s economy and society at large and needs to be addressed urgently, the IMF said.
“International experience shows that youth unemployment has significant economic and social consequences,” the report noted.
“Large and persistent unemployment rates lead to skill attrition, depreciated human capital, outward migration of skilled labour and an increase in social and political resistance to reforms. Long-term youth unemployment can even erode social cohesion and institutions. For example, experience from other countries shows that there is a negative relationship between youth unemployment and trust in society,” it added.
Noting that youth unemployment was usually twice or more as sensitive to economic growth than adult unemployment, the IMF recommended to the Brunei government to implementstructural labour market reform to address the unemployment issue. The report also suggested the country to leverage on technology and digitalisation that could help turn Brunei’s young and tech-savvy population into an asset.
Given that automation and digital technology are taking over tasks of human labour, the report notes that it was “important for young people in this new era to be equipped with necessary skill sets to face the challenge and be more competitive in the job market. On the other hand, technology also brings innovation and new opportunities, generating potentials for new jobs that give young people comparative advantages.”
The overall unemployment rate for locals in Brunei increased to 11.5 per cent in 2017 from nine per cent in 2014. While unemployment rates for all levels of education remain high, those with vocational background have the highest unemployment, underscoring the need for enhancing the quality of vocational training and reducing skill mismatches.
Diversifying the economy, supporting entrepreneurship, attracting more foreign direct investments and developing private sector growth were also critical, the IMF said.
Memang lah talo banar, government msih ada elderly yg tua hantap kn parai msih jua nda pencen, sma pilih kasih udah kn ngambil urg, anak2 & saudara2 kamu sja th kn bekeraja d government ah buduh, pakai otak bae, sudah anak2 brunei yg susah payah belajar apa, jdi kerja d private sector gaji randah, lapas tu job out of scope keraja nya, memang lah rmai unployment tutu eh pakai otak ah, kamu kaya, kaya dri harta keturunan bukan titik peluh sndri pui