MALAYSIA’S gross domestic product figures underscore a trend where the economy is becoming healthier, with growth becoming more broad-based across sectors and displaying a firm trajectory.

“Earlier, the sectors experiencing a strong momentum were those revolving around export-oriented manufacturing. The spillover from that trend is now becoming more entrenched across other sectors,” said Bank Negara Malaysia.

The country’s economy expanded 5.9% last year, compared with the 4.2% and 5% registered in 2016 and 2015, respectively.

BNM said data pointed to rising income and employment across a wider swathe of the economy.

“The commodity sector has also improved, benefiting rural income. The stronger ringgit appreciated in tandem, reflecting improvements in the economy,” the central bank said in response to questions posed by Bernama on factors that will ensure Malaysia’s continuous strong growth, and whether it will be inclusive.

BNM said the global economy was showing synchronised growth across many regions.

Multiple indicators, such as production, consumption, shipping and commodity prices, are showing improvement, pointing to a sustained global growth this year.

The International Monetary Fund, World Bank and Organisation for Economic Cooperation and Development have revised the global growth forecast upwards for this year.

“Being an open economy, and with domestic growth drivers being healthy, Malaysia is likely to do well,” said BNM.

On job creation, vacancies and lay-offs in Malaysia’s financial industry, it said total employment in the financial services sector remained strong at 164,885 people at the end of the fourth quarter of last year.

Job opportunities remain ample, with new positions created and many vacancies for high-skilled jobs.

More training programmes focusing on in-demand expertise required by knowledge- and technology-intensive jobs have to be undertaken to fill the gap.

“Lay-offs remain low, at 775 people in the quarter, and are substantially outnumbered by a combination of new jobs created – 1,170 positions – and the high existing stock of vacancies, at 5,609 positions.”

On banking secrecy and the protection of customer information as provided for under the Financial Services Act 2013, BNM said secrecy was the cornerstone of confidence in the banking system, and as such, it was key that the sanctity of confidentiality practised in the system be preserved at all times.

“The public must have confidence in the safety and secrecy of their deposits and dealings with bankers, and in the integrity and professional conduct of bankers.”

This is provided for under Section 133 of the Financial Services Act and Section 145 of the Islamic Financial Services Act 2013.

“The secrecy provision prohibits any person, whether a director, an officer or an agent, of a financial institution from improperly disclosing to another person any document or information relating to the affairs or accounts of customers of the institution.”

Banks are also required to have proper governance and effective internal controls to preserve customer confidentiality.

“The Financial Services Act and Islamic Financial Services Act also provide protection to whistleblowers who report wrongdoings, similar to the Whistleblower Protection Act 2010, as long as the proper procedures are followed, for example, reporting the matter to the relevant enforcement authority.” – Bernama, February 16, 2018.