Recovery of export, domestic consumption support Malaysia’s economic growth
The Malaysian economy is projected to grow between 4 and 5%, supported by export recovery and resilient domestic demand, according to Finance Minister II Datuk Seri Amir Hamzah Azizan.
The Malaysian economy is projected to grow between 4 and 5%. (Photo: themalaysianreserve)
Kuala Lumpur (VNA) – The Malaysian economy is projected to grow between 4 and 5%, supported by export recovery and resilient domestic demand, according to Finance Minister II Datuk Seri Amir Hamzah Azizan.
He said the economic expansion of 4.2% in Quarter 1 showed the efficiency of the Government’s economic management policies.
He went on to say that trade recovery will be underpinned by the global technology upcycle and further recovery in tourism activity while household spending will be underpinned by improving income and employment.
Investment activities will be driven by further progress of multi-year investment projects by both the public and private sectors, he said, adding the implementation of catalytic initiatives under various master plans such as the National Energy Transition Roadmap (NETR), New Industrial Master Plan 2030 (NIMP 2030), and the 12th Malaysia Plan would further boost investment.
The government is committed to delivering a meaningful structural reform because it is necessary to build a more prosperous and inclusive Malaysia, he said, highlighting this includes raising the floor by creating more fiscal space and making the economic pie bigger for more participation, and raising the ceiling by enhancing social protection and third, to put in place good governance.
He also said that the Public Finance and Fiscal Responsibility Act and the Medium-Term Fiscal Framework are crucial measures to broaden and diversify the revenue base.
Malaysia is well-positioned to ꦚbenefit from reconfiguration of global value chains as🦩 well, he added./.
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