马来西亚经济观察，2026年4月：提高天花板，提高地板-就业议程作为生产力议程

APRIL 2026 Raising the Ceiling,Raising the FloorThe Jobs Agenda as aPublic Disclosure Authorized Productivity Agenda CONNECT WITH US MALAYSIAECONOMICMONITOR APRIL 2026 Raising the Ceiling,Raising the FloorThe Jobs Agenda as a Productivity Agenda © 2026 International Bank for Reconstruction and Development / The World Bank 1818 H Street NWWashington DC 20433Telephone: 202-473-1000Internet: www.worldbank.org This work is a product of the staff of The World Bank with external contributions. Thefindings, interpretations, and conclusions expressed in this work do not necessarily reflectthe views of The World Bank, its Board of Executive Directors, or the governments theyrepresent. The World Bank does not guarantee the accuracy, completeness, or currency of thedata included in this work and does not assume responsibility for any errors, omissions,or discrepancies in the information, or liability with respect to the use of or failure to usethe information, methods, processes, or conclusions set forth. The boundaries, colors,denominations, and other information shown on any map in this work do not imply anyjudgment on the part of The World Bank concerning the legal status of any territory or theendorsement or acceptance of such boundaries. Nothing herein shall constitute or be construed or considered to be a limitation upon orwaiver of the privileges and immunities of The World Bank, all of which are specificallyreserved. Rights and Permissions The material in this work is subject to copyright. Because The World Bank encouragesdissemination of its knowledge, this work may be reproduced, in whole or in part, fornoncommercial purposes as long as full attribution to this work is given. Attribution:Please cite the work as follows: World Bank (2026) “Raising the Ceiling, Raisingthe Floor: The Jobs Agenda as a Productivity Agenda” Malaysia Economic Monitor (April),Washington, DC: The World Bank. Any queries on rights and licenses, including subsidiary rights, should be addressed toWorld Bank Publications, The World Bank Group, 1818 H Street NW, Washington, DC 20433,USA; fax: 202-522-2625; e-mail: pubrights@worldbank.org. Cover design and layout:Kane Chong Sdn BhdCover image:istockphoto.comCredit for non-WB images:istockphoto.com / unsplash.com Acknowledgements This edition of the MEM was co-led by Deisigan Shammugam and Yew Keat Chong, with the SpecialTopic co-led by Matthew Dornan, Mariana Vijil, Hector Pollitt, and Penelope Ann Mealy. The extendedteam included Apurva Sanghi, Fionne Lim Jing Wen, Shakira Teh Sharifuddin, Shreya Chatterjee,Natalie Fang Ling Cheng, Koji Miyamoto, Shahira Zaireen Johan Arief Jothi, Aruhvi Krishnasamy, RirinSalwa Purnamasari, Hsiang Jien Naik, Mauricio Pinzon, Parth Chawla, Iwona Borowik, Yu Cao, MarcSchiffbauer, Moonyati Binti Mohd Yatid and Zenaida Hernandez. The team is grateful to Gonzalo J. Varela, Kevin Chua, Muhammad Waheed, Achim Daniel Schmillen,Federica Saliola, and Anastasiya Denisova for their constructive input on the document, and to ZaferMustafaoglu, Judith Green, Habib Nasser Rab, Camilla Holmemo, Ilias Skamnelos, Ingo Wiederhofer,and Cristian Aedo for their overall guidance. The MEM consists of two parts. Part 1 presents a review of recent economic developments and amacroeconomic outlook. Part 2 focuses on a selected special topic that is key to Malaysia’s medium-term development prospects and to the achievement of shared prosperity. The team would like to thank the Ministry of Economy, Ministry of Finance, Ministry of HumanResources, Bank Negara Malaysia, Malaysia Productivity Corporation, Human Resources DevelopmentCorporation, and TalentCorp for close collaboration with the World Bank and for the crucial support tothe launch of this report. Jeannette Goon Chern Yuet and Dina Murad led external communications, and Kane Chong led theproduction and design of the report, while Arifurrahman Bin Rusman provided administrative supportand editorial assistance. The report is based on information current as of March 27, 2026. Please contact Apurva Sanghi (World Bank Lead Economist for Malaysia) at asanghi@worldbank.org,Deisigan Shammugam (MEM co-task team leader and World Bank Economist for Malaysia) atdshammugam@worldbank.org and Yew Keat Chong (MEM co-task team leader and World BankSenior Economist for Malaysia) at ychong@worldbank.org or for questions, comments, or suggestionsregarding the MEM. Table of Contents Abbreviations6 Recent economic developmentsEconomic outlookRaising the Ceiling, Raising the Floor: The Jobs Agenda as a Productivity Agenda91113 17 PART ONE Box 2:Trade tensions and China’s export redirection are impacting third marketsEconomic growth continued to be supported by the expansion of financial intermediationFiscal target was achieved, supported by stronger revenue amid higher operating expenditure323940 53 PART TWO Raising the Ceiling, Raising the Floor: The Jobs Agenda as a Productivity Agenda54 Wage growth has not kept u