KUALA LUMPUR, June 29 — Malaysia’s exposure to the risk of mass scale job losses stemming from the global energy supply crunch remains low, Economy Minister Akmal Nasir Nasrullah told Parliament today, even as the crisis is already putting some pressure on local companies.

The Johor Bahru MP said rising prices and slower demand for exports could put a squeeze on business operations, but the latest employment data suggested firms have not laid off at a large scale. 

The unemployment rate rose to just one percentage point to 3.0 per cent in May this year, from 2.9 per cent in April 2026

“The expectation of this risk remains low for Malaysia, given that the labor force participation performance remains stable, despite a slight increase in the unemployment rate,” Akmal said when delivering a special communication session in Parliament’s Lower House today.

“The government is closely monitoring this situation so that any changes can be addressed proactively.”

The US-Israeli assault on Iran and Lebanon has pushed Tehran to shut down the Strait of Hormuz, where a fifth of the world’s oil and other supplies pass through, causing severe disruption that analysts estimate could take months if not years to fix.

Domestically, Akmal said the supply chokehold is putting pressure on various sectors, particularly logistics, aviation, shipping, agriculture, manufacturing, construction, and trade. 

Industries face a surge in fuel costs, delays in the delivery of intermediate inputs, increased inventory costs, and challenges in sourcing alternative supply options, as a result, while global freight costs have also nearly doubled.

Merchant ship insurance premiums on high-risk routes have also skyrocketed by up to 16 times per voyage.

Micro, small, and medium enterprises are more vulnerable to these pressures due to their more limited financial cushion compared to large firms. When costs rise sharply, their cash flow is more rapidly affected, Akmal said.

The Anwar government’s interventions to date have focused on four goals: ensuring supply, extending supply, curbing price increases, and “leveraging opportunities”.

Akmal said the approach is implemented through four action focus areas - protecting the people, stabilising supply and prices, supporting MSMEs and industries, and building medium- and long-term economic resilience.