PM confident Malaysia’s economy won’t be badly hit in 2023


PM Ismail Sabri Yaakob is confident the Malaysian economy will not be badly hit amid a global slowdown. – The Malaysian Insight file pic, October 9, 2022.

PRIME Minister Ismail Sabri Yaakob expressed confidence that the Malaysian economy will not be badly hit amid a global slowdown.

Ismail said his confidence stems from the fact Malaysia is able to sustain its economic growth.

He cited the country’s positive GDP of 8.9% in the second quarter of this year against 5% in the first quarter.

“The achievement recorded is the best in Asean. The confidence in the country’s economy also stems from the positivity shown by foreign direct investment (FDI),” he said in his speech during a Keluarga Malaysia dinner at Dataran Auraora Bahau, near Jempol last night.

The prime minister said for the first half of 2022, RM41.7 billion in FDI was registered against RM23.3 billion during the Covid pandemic.

“Malaysia’s economic growth for the second quarter of 2022 was the highest in Asean and higher than developed countries in the region like China, which registered 0.4%; United States (1.6%), South Korea (2.9%), Europe (4%), Singapore (4.4%), Indonesia (5.4%) and the Philippines (7.4%),” he said.

Ismail said a number of indicative economic factors registered good performance, especially the Purchasing Managers’ Index, which exceeded expectations at 50.3%. The arrival of tourists increased to 3.2 million from January to July.

The prime minister said through an increase in economic revenue, the government was able to table a RM373.3 billion Budget 2023 –  the highest in history – focusing on the welfare and wellbeing of the people and the business community.

“We believe that although the world economy next year remains uncertain, we are confident that the economic situation in Malaysia will not be affected like other countries. Although economic growth is expected to be challenging, it will not be as challenging as situations faced by other countries,” he said.

Ismail added that government will continue to ensure the wellbeing of the people if given a chance to continue administrating the country in future. – Bernama, October 9, 2022.


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