Malaysia sets up gig economy commission
Malaysia has established the Malaysian Gig Economy Commission (SEGIM) to strengthen governance of the country’s gig economy ecosystem ahead of the enforcement of the Gig Workers Act 2025 (Act 872).
In a media statement, the Ministry of Human Resources (KESUMA) said it welcomes the government’s decision to set up SEGIM as the main coordinating body to coordinate and strengthen the gig sector. The move comes as Act 872 is scheduled to come into full force on 31 March 2026.
At this stage, SEGIM will focus on gig workers operating through digital platforms. However, the Act under KESUMA introduces broader protection that covers both platform and non-platform gig workers.
According to the Ministry, the legislation aims to provide a clearer legal framework to safeguard the welfare of gig workers while ensuring the gig economy develops in a sustainable, orderly and fair manner.
Under Act 872, several mechanisms will be introduced to strengthen worker protection. These include contract transparency, clearer dispute resolution mechanisms, and stronger social security protection.
KESUMA said these measures are intended to ensure that working relationships between gig workers and platform providers are implemented in a more transparent, balanced, and responsible way.
It added that preparations for the enforcement of the Act are currently in the final phase.
Among the key steps is the establishment of the Gig Consultative Council, a tripartite platform bringing together government representatives, gig worker representatives, and contract entity representatives.
The council will advise the government and submit recommendations on matters such as minimum income rates, formulas and minimum standards for the gig sector. It will also serve as a platform for dialogue, negotiation and policy advice on issues within the gig economy ecosystem.
KESUMA will chair the council as the lead ministry responsible for policy development and implementation of Act 872.
To strengthen coordination and avoid duplication of roles between SEGIM and the council, KESUMA has also nominated a public officer representative through the Office of the Deputy Prime Minister to sit on the council.
Act 872 also enhances social security protection for gig workers. Under the provisions, platform providers are required to ensure gig workers are registered under the Self-Employment Social Security Act 2017 (Act 789).
Platform providers must also make deductions from gig workers’ income for contributions to the social security scheme administered by the Social Security Organisation (SOCSO). This is expected to increase participation in the scheme and ensure gig workers receive protection in the event of accidents while performing their services.
Sri Lanka gears up for digital era
With digital transformation gathering steam worldwide, Sri Lanka is working on ensuring that it has the proper defenses to tackle issues that may arise with this progress, announcing plans to establish a legal framework that would support its digitalization initiatives.
Deputy Minister of Digital Economy, Eranga Weeraratne, has introduced two proposed regulations, the Digital Economy Act and the Cyber Security Act, both intended to help Sri Lanka safely build its digital economy.
Fully aware that digitalizing the country will not be an easy task and will require substantial resources to guarantee its success, Sri Lanka is looking to establish a new authority under the Digital Economy Act that will focus on overseeing projects aimed at integrating advanced technologies across various industries and services.
The move to consolidate digital economy functions into a single body aims to bolster government efficiency by simplifying processes, reducing overlap, and accelerating decision-making.
“The Digital Economy Act is essential because we need proper policies and frameworks for the digital activities we are currently undertaking,” said Weeraratne.
On the other hand, the Cyber Security Act is the tabled legislation to safeguard the country against cyberattacks. This proposed Act is both timely and reportedly necessary due to the considerable increase in cybercrime in Sri Lanka in 2025, which is anticipated to escalate further this year.
| Indonesia Indicators | ||||||
|---|---|---|---|---|---|---|
| Details | Last | Previous | Highest | Lowest | Value in | Reference |
| Currency | 16949 | 16949 | 17107 | 2096 | – | Mar/26 |
| Stock Market | 7321 | 7586 | 9174 | 223 | points | Mar/26 |
| GDP Growth Rate | 0.86 | 1.43 | 5.05 | -4.19 | percent | Dec/25 |
| GDP Annual Growth Rate | 5.39 | 5.04 | 7.16 | -5.32 | percent | Dec/25 |
| Unemployment Rate | 4.85 | 4.76 | 11.24 | 2 | percent | Sep/25 |
| Inflation Rate | 4.76 | 3.55 | 82.4 | -1.17 | percent | Feb/26 |
| Inflation Rate MoM | 0.68 | -0.15 | 8.7 | -0.76 | percent | Feb/26 |
| Interest Rate | 4.75 | 4.75 | 12.75 | 3.5 | percent | Feb/26 |
| Balance of Trade | 954 | 2513 | 7565 | -2331 | USD Million | Jan/26 |
| Current Account | -2542 | 4010 | 5020 | -10126 | USD Million | Dec/25 |
| Current Account to GDP | -0.1 | -0.61 | 4.8 | -6.8 | percent of GDP | Dec/25 |
| Government Debt to GDP | 38.8 | 39.2 | 87.43 | 23 | percent of GDP | Dec/24 |
| Government Budget | -2.92 | -2.3 | 3.02 | -6.5 | percent of GDP | Dec/25 |
| Business Confidence | 10.61 | 11.55 | 21.99 | -35.75 | points | Dec/25 |
| Manufacturing PMI | 53.8 | 52.6 | 57.2 | 27.5 | points | Feb/26 |
| Consumer Confidence | 125 | 127 | 129 | 9.6 | points | Feb/26 |
| Retail Sales MoM | 3.1 | 1.5 | 26 | -22.3 | percent | Dec/25 |
| Corporate Tax Rate | 22 | 22 | 39 | 22 | percent | Dec/26 |
| Personal Income Tax Rate | 35 | 35 | 35 | 30 | percent | Dec/26 |
China: economic evolution
As China’s “Two Sessions” convened to deliberate on the nation’s development roadmap, certain US-oriented mainstream media outlets have commented that the Chinese economy is experiencing “weak consumption” and “insufficient market confidence.”
Why is this commentary persisting even when output, investment and consumption in China are growing in tandem?
A foundational macroeconomic proposition is that consumption is not an exogenous driver of growth, but is fundamentally determined by the level of output, the distribution of income and the share of income that is saved.
In the Chinese context, this is crucial. The measures outlined in the government work report presented on March 5 to sustainably boost consumption, stabilize employment and raise incomes are seeking to influence these underlying determinants of consumption. When output rises, driven by any component of demand, household incomes and therefore, consumption, will also rise.
Likewise, a shift in income towards wage earners, who typically consume a larger share of their income compared to non-wage earners, will increase aggregate consumption. The Chinese government’s policy focus on employment and income stabilization seeks to enhance the wage share in output and therefore macroeconomic consumption. Thereby, the fruits of economic activity are distributed in a way that sustains the consumption base.
Moreover, the level of output itself is determined by macroeconomic demand. Therefore, when investment rises steadily in China, it directly creates demand for capital goods and construction, boosting output and employment. The resultant rise in incomes then circulates back to increase consumption and imports. The same logic applies to exports and government spending.
Consequently, the observed trends in China with rising expenditure on services, green products and smart technologies, alongside robust growth in culture, tourism and healthcare, are precisely the types of structural shifts one would expect in a maturing economy. They represent a recomposition of the elements of macroeconomic demand, which acts as an autonomous demand stimulus, driving output growth.
Bangladesh economy US-Israel Iran war impact
The US-Israel war on Iran may not be on Bangladesh’s border, but it definitely is on our economic horizon. Like many other countries, Bangladesh is also reeling from the immediate impacts of the war, which include a surge in oil prices, disruption of a major trade route, and cancellations of hundreds of flights. However, the short, mid, and long-term aftermath of the war are what we must prepare for. And that calls for cautious and prudent monetary and fiscal choices at the policymaking level, while at the individual level, frugality, not panic.
Our biggest concerns lie with fossil fuels—oil and gas. According to official statements, Bangladesh still has adequate fuel stocks, which it maintains during normal times. However, the country may have to pay higher fuel prices in the mid-term, even if the war is short-lived, as prices are not likely to drop anytime soon. Besides, the disruptions in global supply chains caused by the literal closure of the Strait of Hormuz would not be resolved immediately, which means increased logistics and transportation expenses for exports. In other words, reduced export earnings. Both of these factors would place additional pressure on the country’s foreign exchange reserves. Furthermore, the war in ME could reduce remittance flow, which had increased in the last one and a half years, strengthening the reserve. Nevertheless, suspension of some ongoing projects in the ME may result in temporary layoff of workers. Plus, due to flight cancellations, thousands of migrant workers are yet to return or reach their workplaces in the ME. These factors are likely to translate into lower remittance flow in the mid and long-run.
Japan considering steps to cushion economy
Japan will consider steps cushion the economic blow from rising fuel costs caused by the conflict in the Middle East including curbing gasoline prices, Prime Minister Sanae Takaichi said on Monday.
Her remark underscored the government’s concern over growing signs that the conflict could persist and hurt an economy that is vulnerable to swings in fuel costs due to its heavy reliance on imports.
“Many people are worried about rising gasoline prices,” Takaichi told Parliament. “Taking this into account, the government has been considering since last week what steps it can take.”
“We’re considering steps to avoid gasoline prices from rising to levels intolerable for the public,” she said, adding that such measures could be funded by tapping reserves set aside for emergency government spending.
Takaichi ruled out overhauling the government’s draft fiscal 2026 budget, which is now being deliberated in Parliament, or compiling a stop-gap budget to fund the measures.
Oil prices surged more than 25 percent on Monday to their highest levels since mid-2022 as fears of prolonged shipping disruptions gripped the market due to the expanding U.S.-Israeli war on Iran.
The fresh supply shock follows last year’s spike in rice prices and other food items that had only just begun to recede, helping real wages climb in January for the first time in 13 months.
Real wages could continue to rise in February and March, but might slump in the fiscal year in April if crude oil prices stay above $100 per barrel for a prolonged period, said Yoshiki Shinke, chief economist at Dai-ichi Life Research Institute.