KUALA LUMPUR, 30 May 2019 – Information and Communications Technology (ICT) average salary growth rate is expected to moderate further to 3.8% this year due to slow expansion of the industry in the last few years.
The National ICT Association of Malaysia (PIKOM) Organising Chair of the Research & Publication Committee, Woon Tai Hai explained that salaries in the ICT industry grew at the slowest pace this decade.
“The overall average monthly salary in 2018 is only 4.0% higher than the previous year and significantly below the average annual growth rate of 6.7% over the nine-year period of 2009 to 2018,” Woon said.
The slowdown in salary growth reflects a tepid expansion of the ICT industry, whose share of GDP increased by only 0.1% to 18.3% in 2017.
PIKOM foresees a moderate improvement in 2019 with most projections by domestic and international agencies falling within the 4.3% to 4.8% range.
“We expect an economic rebound in the second half of 2020,” said the PIKOM’s chairman, Ganesh Kumar Bangah at the launch of the 12th ICT Job Market Outlook Report.
The report indicated many factors contributed to 2018’s slowdown from 5.9% in 2017 including the decline in commodity prices, the new Government’s strict rationalisation on expenditure and global economic uncertainty arising from the on-going US-China trade impasse.