encouraging small retailers and industries to continue their operations.

The reopening of the

international border also encouraged a steady increase in tourist arrivals, which helped Malaysia's
economy to recover to its pre-pandemic level. Additionally, the ongoing labour market recovery
and the rise in demand, notably in the Manufacturing and Services sectors, boosted company
growth as the availability of employment increased with lower unemployment. Employers will need
to increase their talent acquisition and retention strategies in order to remain competitive given
that 2022 is predicted to see a return of growth across a variety of sectors, and headcounts are
anticipated to climb. While there may not be enough qualified candidates to fill certain positions,
candidates should keep improving their areas of expertise in order to demonstrate their value and
relevance2. By the end of this year, Malaysia's economy strengthened in December 2022 due to
the year-end school holiday and festive events, with the business climate improved throughout
this holiday season, particularly for consumer spending on products and services. Continuous
policy support was put in place to lessen the effects of rising costs of living and the hazards
associated with long-term geopolitical turmoil and stricter external financial circumstances. The
government's efforts to support the labour market contributed to stable economic performance, as
a result, creating more jobs and reducing unemployment in 2022.

2. Concept and Definition

2
https://www.hays.com.my/malaysia-top-ten-talent-trends

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