The Bank of Russia unexpectedly maintained its key interest rate at a record-high 21% , defying analysts’ expectations of another significant hike as inflation remains stubbornly elevated. The decision marks a shift toward a more measured approach in balancing economic growth and price stability. Key Details Inflation Concerns: Annual inflation climbed to 8.9% in November, well above the central bank’s 4% target , with inflation expectations reaching 13.9% in December. Policy Rationale: The central bank cited the significant tightening of monetary conditions after October’s 200-basis point hike as sufficient to resume disinflationary processes. Governor Elvira Nabiullina emphasized avoiding both economic overheating and severe slowdowns. Economic Overheating: Elevated government spending on the war in Ukraine and social programs, coupled with labor shortages and rising wages, have fueled strong domestic demand, exacerbating price pressures...
The Malaysian government is set to release a comprehensive study on the impact of artificial intelligence (AI) on the job market, focusing on 10 strategic sectors, according to Human Resources Minister Steven Sim Chee Keong. The report, conducted by the ministry, aims to shape the evolution of roles and skills in the country’s workforce over the next three to five years.
The targeted sectors include information and communications technology (ICT), global business services, aerospace, food manufacturing and services, wholesale trade and retail, electronics and engineering, and pharmaceutical manufacturing. Additionally, the study will address the impact of AI on industries such as medical devices, energy, chemical, power, marine and offshore, tourism, and hotels and accommodation.
Minister Sim emphasized that this study will be a crucial tool for understanding how AI can improve these sectors. He also highlighted that the report will examine AI's potential to create better job opportunities while addressing the challenges posed by automation and digitalisation.
The report is part of a broader initiative, including a study on the effects of AI, digitalisation, and the green economy on Malaysia’s labor market, which is expected to be finalized by the end of this month.
Speaking at the National Human Capital Conference and Exhibition (NHCCE) 2024, Sim described the event as a platform for critical discussions on the role of AI in the workplace and its implications for the future of jobs. Organised by HRD Corp, the event will run from Sept 30 to Oct 2 at the Malaysia International Trade and Exhibition Centre (Mitec) and aims to address the challenges and opportunities AI presents to the regional workforce.
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