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DOSM optimistic Malaysia’s economy will continue to recover in 2022

DOSM optimistic Malaysia’s economy will continue to recover in 2022

25 Feb 2022

The Department of Statistics Malaysia (DOSM) is optimistic that the country’s economy will continue to recover in 2022, as it did in 2021, as economic data indicated that the economic recovery was gaining traction.

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

“Furthermore, Malaysia’s economy expanded by 3.1 per cent in 2021 after contracting 5.6 per cent 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 indicated a better economic outlook in the coming months, thus the government’s focus would be directed toward two main thrusts to support the momentum of economic growth, namely job creation and assisting entrepreneurs in growing,” 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.”

Source: Bernama