Insights into latest economic developments and career prospects

Low speaking on global economic outlook

The Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) Senior Director Low Thiam Huat gave an enlightening talk titled “Latest Economic Developments and Expectations of Graduates in the Job Market” on 19 April 2023 at UTAR Kampar Campus.

The talk was jointly organised by the Centre for Economic Studies (CES), the Department of Economics and Finance of Faculty of Business and Finance (FBF) and UTAR Financial Economics Society. Present at the talk were FBF Dean Assoc Prof Dr Au Yong Hui Nee, Department of Economics Head Thavamalar Ganapathy, Doctor of Philosophy (Economics) Programme Head Assoc Prof Dr Abdelhak Senadjki, and CES Chairperson Dr Chen Fanyu.

Low started the talk by giving a glimpse of the global economic outlook and said that the year 2023 will show weaker global growth due to tight policy stances to bring down inflation, the fallout from recent deterioration in financial conditions, and growing geo-political tensions, while reopening of China's economy will be a major wild card.

Participants also learnt about the prospects of Malaysia’s Gross Domestic Product (GDP), external developments, domestic developments, external sector, inflation, monetary policy stance, debt-servicing capacity, and banking system. The speaker elucidated that Malaysia’s GDP is expected to grow four to five per cent which will be underpinned by domestic demands. He also highlighted some key structural reforms that are crucial to ensure sustainable growth. The reforms included building fiscal space, reforming education, establishing labour policies, reducing bureaucracy to attract more investors, and advancing the digital and green economy.

The talk continued with the speaker sharing advice and information about things to expect when entering the job market as fresh graduates. He emphasised that a good performance during an interview is a critical success factor to secure employment. Among the top soft skills listed by Low, namely teamwork, critical thinking, positive attitude and team organisation, he mainly emphasised communication skills, saying, “It is crucial because verbal and written skills will give you an additional advantage. Knowing other languages will also add to your competitive advantage. Being able to articulate well is just as important too because it enables you to effectively present your ideas and information in a clear and concise manner. On top of that, remember to also listen and understand the perspectives of others.”

Low also explained that candidates with good digital skills are highly sought after or demanded because of the advancement of the Fourth Industrial Revolution (4IR) and the digitalisation of the economy. Therefore, he advised participants to be always equipped with new skills and knowledge that are relevant to their industries as well as across industries, and be confident with new technology.

Further into the talk, participants also learnt that staying organised will generate positive impressions from team members and supervisors and the fostering of teamwork will lead to better productivity. He also mentioned that students should actively participate in extracurricular activities because it is a platform that enables students to gain necessary exposure in organising events, as well as cultivating respect and empathy for differences in viewpoints.

He also said, “Be flexible and be ready to respond to ad-hoc changes in work. This will also test your ability to work under pressure and time management, but eventually, it will nurture you to be a more resilient person. Those experiences and skills you gained will also foster a leadership ability that will help you manage your tasks more effectively, manage your team and group projects, and perform your role with responsibility.”

Dr Au Yong presenting a token of appreciation to Low

A group photo to commemorate the insightful talk