THE Statistics Department (DOSM) is optimistic that the country’s economy will continue to recover this year as it did last year as economic data indicates that economic recovery is gaining traction.

Chief statistician Mohd Uzir Mahidin noted that Malaysia’s gross domestic product (GDP) rebounded 3.6% in the fourth quarter of 2021 following a 4.5% decline in the previous quarter and that almost all supply sectors performed well, while “all components of final demand exceed the pre-pandemic level of 2019”.

“Furthermore, Malaysia’s economy expanded by 3.1% in 2021 after contracting 5.6% in 2020, and the annual performance was supported by strong growth in the manufacturing sector, which outperformed the pre-pandemic level,” he said in a statement.

He observed that increased global demand, labour market recovery, Covid-19 vaccination progress, and ongoing policy support have all aided Malaysia’s economic recovery.

“Overall, this indicates a better economic outlook in the coming months, thus the government’s focus would be directed towards two main thrusts to support the momentum of economic growth, namely, job creation and assisting entrepreneur growth,” he said.

“Malaysia is preparing for the full reopening of international borders in March 2022, which will provide much-needed impetus for tourism-related activities.” – Bernama, February 25, 2022.