MALAYSIA’S economy will improve this year, Finance Minister Lim Guan Eng has assured, citing expected improvements to commodity prices and cooling of the US-China trade war.

“Firstly, we are expecting commodity prices to go up, not just of oil but also palm oil.

“And the trade war between the US and China is expected to stabilise and tensions to de-escalate, while on the domestic front, the government will also be increasing its spending,” he told a press conference in Penang today.

Lim was responding to a report by pollster Merdeka Centre on its survey of Malaysians’ sentiments towards the country.

The survey of 738 respondents in late November showed that 25% ranked economic concerns as the top reason why the believe the country was headed in the wrong direction under Pakatan Harapan.

The list of concerns included unfavourable economic condition in general (10.9% of respondents), high cost of living/inflation (9%), lower income/minimum income/wages issues (2%) unemployment (1.6%) and the weakening of the ringgit (1.6%)

To a separate question on what the country’s biggest problem was, 61.5% said it was economic concerns, while inflation and job opportunities are also listed as being among the top five most important issues voters are concerned about.

He also said a few allocations under the 2019 budget could not be released last year and will be used in 2020.

Lim said the country’s economy is in good shape with its growth projected at 4.7%, better than some of its neighbours.

“We are confident the economy will be far better than last year.” – January 5, 2020.