Government confident national economic recovery on track
16 Aug 2022
The government is confident Malaysia’s economic recovery is on solid ground and on track to achieve growth of between 5.3 and 6.3 per cent this year.
Deputy Finance Minister II Yamani Hafez Musa noted that the gross domestic product (GDP) had expanded 5 per cent in the first quarter, 8.9 per cent in the second quarter, and 6.9 per cent overall in the first half of the year.
“The unemployment rate also declined to 3.8 per cent in June 2022 compared with 5.3 per cent in May of 2020, along with a rise in demand for goods and services, resulting in an 18.3 per cent expansion in private consumption in the second quarter, compared with 5.5 per cent in the first quarter,” he told the Dewan Negara today.
Foreign direct investment (FDI) jumped to RM41.7 billion in the first half of the year compared with RM20.2 billion in the first half of 2021.
“Consistent policy support, especially initiatives under Budget 2022 implemented since the beginning of the year will contribute to better economic performance this year.
“Spillover effects from Budget 2021 and its various economic packages will also help lift the economy to pre-pandemic levels,” he said, adding that the transition to the endemic phase and the reopening of the country’s borders accelerated economic activities.