My two cents.
Its easy to say that there are some jobs in IT or Hospitality or software development but thats not the issue for the expat.
1) If you are going to uproot yourself and move to a new country, do you have the next-level skills in what the world is currently demanding, or are you trying to ply old skills and hope for the best?
2) Is Malaysia as a country up to the standard of that next level in which your skills can be matched with the country's own and growing advancements?
I'll leave some links at the end but here is what I was reading today:
1) Dyson, the vacuum cleaner company, is going into electric cars and AI. They want all their products to be based on artificial intelligence in the future but cant find many people with AI hardware or software skills to keep pace with its plans.
2) Passenger drones are coming. Uber is talking to Boeing about flying taxis which are being built as we speak but are not legal to fly yet.
3) Apple is competing with China to corner the market on cobalt production because batteries are the future of homes, cars and devices.
4) Electricity production isnt keeping pace with electric demand, going forward. Example, where is the electricity production going to come from to power all these cars and homes and devices?
These are just a few examples I read about everyday. Do you have any of those skills, AND that Malaysia also has any of those industries in which you can create a real future? If you dont have it, and Malaysia doesnt have it, what are you doing here or what do you expect to happen when you come? If you are an AI specialist and Malaysia has an emerging AI industry, you hit it hard for jobs. If not, those skills would be better served in a more advanced environment like Europe or US. But if you say "i want to get out from my country and i need a job, any job," thats a pure recipe for failure. What, you want to wash dishes in a restaurant as an illegal worker?
Malaysia is behind the world and still relies on base industries like tourism, palm oil and petroleum production. There are new roads at times, like biodiesel and RFID, but they seem to fizzle after a while. Also, imports are heavy and the Prime Minister has put emphasis on creating a service industry (doctors, lawyers, accountants) instead of factory production, so that leaves you, as a doctor for example, to possibly have a stint in Malaysia during supply/demand gaps. How does that help anything?
Previously, both expats and locals could rely on foreign companies for good jobs. As I remember, the period around 2004-2005 was the heyday for expat employment. Then, it seemed abruptly to me, they just stopped hiring and then you read in the news that they were leaving Malaysia. At the same time, you read that Thailand, Vietnam and especially Singapore were experiencing spikes in the inflow of foreign companies. Today, old stalwarts like Samsung, Western Digital, and Suzuki are quitting. A poor environment for them equals a poor environment for you.
Within small companies, I have never in my time seen such a tide of business closures as I see right now; I have also never seen so many new developments so unable to attract tenants and the buildings lay idle; ive never seen so many people wanting, and unable to find jobs as I see right now. My local friends who became unemployed cant find an equal job to the one they lost and are having to downgrade their expectations or have no job at all. I know plenty of locals who are right now 12-18 months looking for a job and cant find one.
If you have special talent you have a chance, whether in Malaysia or elsewhere but everyday the worlds colleges are turning out new grads which are your direct competition, too. In the case of Malaysia, its trends, govt policy, immigration, I dont think its possible to think that a long future can be made here. All the foreigners I personally knew came full of hope and all cleared out only after a year or two. I think that says it all.