Malaysia’s GDP grows by record high in two decades
The Bank Negara Malaysia (BNM) has recently announced that Malaysia’s gross domestic product (GDP) grew by 8.7% last year, and gave assurance that Malaysia’s economy will not be going into a recession this year.
Kuala Lumpur (VNA) – The Bank NegaraMalaysia (BNM) has recently announced that Malaysia’s gross domestic product(GDP) grew by 8.7% last year, and gave assurance that Malaysia’s economy willnot be going into a recession this year.
BNM governor Tan Sri Nor Shamsiah Mohd Yunus pointedout that last year’s growth rate is the highest annual level posted bythe country in the past 22 years - after the 8.9% recorded in 2000.
The growth in 2023 would continue to be forthcoming,though at a much more moderate pace because of slower external demand, but itwill still be supported by domestic demand, she said.
Mohd Afzanizam Abdul Rashid, head of economics andresearch for the Employees Provident Fund, which manages retirement funds forprivate sector workers, said the reopening of China’s economy could benefitMalaysia’s tourism industries which then could result in more activity in theaviation, food and beverages, hospitality, and to some degrees, healthcareindustries.
The central bank did not give an updated growthforecast for 2023, saying that it will be announced when Prime Minister AnwarIbrahim tables the revised annual budget later this month.
Headline inflation came in at 3.3% in 2022 and isexpected to moderate this year, albeit remaining at elevated levels.
However, Shivaan Tandon, Emerging Asia economistfor research firm Capital Economics, said any benefit from China’s reopeningmay not be able to cover the shortfall from weak demand for Malaysia’selectronics, which account for a third of Malaysia’s exports, and domesticdemand is likely to remain muted as households and the corporate sector grapplewith higher borrowing costs./.
The Malaysian Research Accelerator for Technology and Innovation (MRANTI) under the Ministry of Science, Technology and Innovation said in a statement on February 20 that Malaysia is the top-ranked Southeast Asian country in the Drone Readiness Index (DRI).
Malaysia will continue to focus on managing external challenges and the ramifications facing its economy this year, said Minister of International Trade and Industry (MITI) Zafrul Aziz.
The Malaysian Employers Federation, the nation’s largest employers' group, fears that up to 60,000 people could lose their jobs this year, double the yearly average of the past, its President Syed Hussain Syed Husman has said.
The Republic of Korea (RoK), China and Japan agreed on May 3 to reinforce the regional financial safety net, along with members of the Association of Southeast Asian Nations (ASEAN), by launching a new financing facility programme meant to extend greater support in case of a financial crisis.
A technical issue combined with an extreme heatwave was blamed for a series of explosions at a military base that killed 20 soldiers and injured several others in Cambodia on April 27, the country’s Ministry of Defence said in a May 2 statement as reported by the Xinhua news agency.
The Customs Department of Thailand is scheduled to commence the collection of value-added tax (VAT) on imported goods sent via postal services, regardless of the goods value, starting in May.
A lecturer from Chulalongkorn University’s Faculty of Medicine has warned Thais to be more vigilant against COVID-19, saying infection rates appeare to be worsening with higher hospital admissions, deaths and severe cases.
Malaysia should harness the collective expertise and resources to drive sustainable growth and development of the halal industry, according to Minister of Investment, Trade and Industry Zafrul Abdul Aziz.
Laos has officially restored the 10% value-added tax (VAT) rate starting May 1, in a bid to support the country’s budget revenue and socio-economic development.
The ASEAN Future Forum 2024 (AFF 2024) entered its second plenary session in Hanoi on the afternoon of April 23, discussing ways to ensure comprehensive security for the people-centred ASEAN Community.
The first session of the ASEAN Future Forum 2024 (AFF 2024) in Hanoi on April 23 focused on fast and sustainable growth for the Association of Southeast Asian Nations (ASEAN).
The Canada-ASEAN Business Council (CABC) and the ASEAN Alliance on Carbon Markets (AACM) have signed a Memorandum of Understanding (MoU) to strengthen collaboration and accelerate the implementation of carbon crediting programmes across Southeast Asia.
ASEAN Secretary-General Kao Kim Hourn reaffirmed ASEAN leaders' commitment to empowering the youth to unleash their full potential when he had a dialogue with ASEAN youth in Hanoi on April 22 on the sidelines of the ASEAN Future Forum (AF 2024).
The Thai Government is being urged to increase the proportion of renewable power generation to more than the target of 50% set in the power development plan (PDP).
The Centre for Volcanology and Geological Hazard Mitigation (PVMBG) of Indonesia on April 21 lifted its tsunami advisory issued previously following the eruption of Mount Ruang in Sitaro district of North Sulawesi province.
Thailand expects to export about 1 million tonnes of durian, valued at an estimated 130 billion THB (3.53 billion USD) this year, with most of the shipments to China, according to Minister of Agriculture Thammanat Prompao.
The 72nd meeting of the ASEAN Working Group on Intellectual Property Cooperation (AWGIPC) and related meetings are being held by the Ministry of Science and Technology’s Intellectual Property Office (IPO) of Vietnam in the central city of Da Nang on April 22-26.
Enhancing regional food security and tackling the pressing challenges of climate change will be key agendas defining Malaysia’s ASEAN Chairmanship in 2025, Speaker of the Dewan Rakyat (lower house) Johari Abdul told the press on April 19.
Illustrative image (Source: AFP/VNA) 
