Manufacturing sales versus trend forecast (RM millions):
Data from various issues of Monthly Manufacturing Statistics from the Department of Statistics Malaysia
A couple of things here:
What’s with the two seemingly contradictory statements?
This is what we have up to January 2017 (log annual and monthly changes):
The World Bank’s Malaysia Hub has a new brief on the effect of immigrant workers on productivity (excerpt):
While unskilled immigrant workers have relatively low formal human capital, theory suggests that they can still contribute to productivity improvements by helping to increase efficiency and upgrading the skills of the native labor force. Empirical studies indicate that positive productivity effects do occur. This body of evidence does not provide a compelling argument for the closing of national borders to unskilled foreigners on economic grounds.
TL;DR version: The available evidence doesn’t support any negative impact on productivity, with some countries showing a positive impact. Note that this doesn’t necessarily preclude the possibility that reducing unskilled foreign workers will increase productivity, but it does make it unlikely.
Despite relative stability against the USD in February, the MYR continued to decline on a multilateral basis. The NEER fell -0.53% mom, while the REER fell-0.91%. More moderate drops were seen in the sub-indices.
On a bilateral basis, MYR is now on a nine-month losing streak against the AUD (-2.27%), though the biggest drop was against the KRW (-3.01%). Gains were recorded against the PHP (+0.79%), HKD (+0.37%) and USD (+0.32%). What’s interesting is that, despite the continued decline, the picture appears to be balancing out a little – gains were recorded against 6 currencies (out of a total of 14 in the indexes), versus 4 last month, and just 1 in December and November.