Four key indicators to spur economic recovery — Deputy Minister
21 Dec 2020
The country’s economic recovery can currently be measured by four key indicators, namely the retail sector, hotel accommodation, crude palm oil prices, and SMR 20 rubber price, said Deputy Minister in the Prime Minister’s Department (Economy) Arthur Joseph Kurup.
He said all these indicators formed the benchmark for the country’s economic recovery next year with the target of gross domestic product (GDP) of between 6.5 per cent and 7.5 per cent.
“The retail sector is starting to show a gradual recovery, with the hotel accommodation rate nationwide rising to 24.3 per cent after the Conditional Movement Control Order (CMCO) was lifted and interstate travel allowed.
“Crude palm oil price hit a high of more than RM3,000 (RM3,422) per tonne in November while SMR 20 rubber price rose to a high of RM6.33 per kilogramme in November,” he said in response to a supplementary question from Senator Datuk Teo Eng Tee at the Dewan Negara today.
Teo wanted to know about the key indicators that would spur the country’s economic recovery following the COVID-19 pandemic.
On the government’s long-term efforts in reviving the country’s economy, Arthur said the preparation of the 12th Malaysia Plan (12MP) was now in the final stages.
“The strategies to be implemented under the 12MP take into account the various economic recovery and revival efforts following the COVID-19 pandemic, as well as addressing the issue of economic structure to ensure more inclusive and sustainable growth,” he said.
He believes that all strategies and measures taken by the government would not only restore the country’s economy but also protect the welfare and well-being of the people.