PETALING JAYA: Malaysia's digital economy is anticipated to contribute 24.4 per cent to the Gross Domestic Product (GDP) this year and rise further to 25.5 per cent next year, the National Tech Association of Malaysia (Pikom) said.
Deputy chairman Alex Liew said the momentum will hold its strength amid the national economy forecasted to grow 4.5 per cent next year.
"The robust escalation of the digital economy, even amid global economic upheavals, has cemented its position as a crucial pillar of Malaysia's economic structure," he said at a press conference on Malaysia's Digital Job Market and Economic Outlook 2023/2024 here today (October 12).
On the employment front, he said the digital job market has witnessed double-digit growth in tech salaries, mirroring an economy that is judiciously harnessing technology for heightened efficiency and productivity.
Pikom advisor and research chair Woon Tai Hai said the tech sector has experienced a notable year-on-year salary growth of 13.9 per cent this year, a stark contrast to the two per cent percentile range growth observed in the previous two years.
"Pikom is projecting a 4.13 per cent salary growth for next year in the sector, and an average annual growth rate of 6.45 per cent over the next decade," he said.
Woon attributed this to the intensified competition for talent, the repatriation of skilled professionals post-pandemic, a weakening ringgit, accelerated digital transformation in the private sector and forward-thinking government policies.
Its chief executive officer, Ong Kian Yew, said the benchmarking technology salaries is pivotal as it serves as a lens through which Malaysia's competitive standing within the global and regional tech landscapes can be viewed, thereby nurturing innovation and informing policy-making.
The association has a company membership of more than 1,000 involve in tech product and services which command 80 per cent of Malaysia's total tech business. – Bernama