Selangor Journal
A view of Kuala Lumpur’s skyline on May 30, 2023. — Picture by REUTERS

Malaysia’s economy robust, supported by various economic data — Minister

KUALA LUMPUR, March 4 — Housing and Local Government Minister Nga Kor Ming said Malaysia’s economy is robust with positive fundamentals and economic prospects, supported by various economic data in the first quarter of this year.

He said the latest updates indicate that the Malaysian stock exchange has increased by 96 points, which is equivalent to a 6.77 per cent rise.

Additionally, the unemployment rate of the country has decreased to 3.4 per cent, and the inflation rate has remained stable at 1.5 per cent.

“Moreover, there has been a significant increase of 13.3 per cent in the total exports of the country,” said Nga in a statement today.

He said Bursa Malaysia was one of the three best-performing stock markets in the Asia-Pacific region this year and the increase in Bursa Malaysia’s stock market by 6.77 per cent was the first time in six years.

“The surge in the stock market means companies listed in Bursa Malaysia were recording good profits and it also showed an improved business environment in Malaysia,” Nga said.

He also said the nation’s economy is supported by the increase in Bank Negara’s international reserves to US$114.5 billion, approved investments reaching RM329.5 billion and the rapid development in the tourism industry.

“Based on statistics from the Chinese embassy, more than three million tourists from China are expected to visit Malaysia this year and contribute more to the gross domestic product (GDP),” he said.

However, Nga stressed that economic recovery requires not only an increase in revenue but also a reduction in expenditure.

He said the Madani government, under the leadership of Prime Minister Datuk Seri Anwar Ibrahim, will bring long-term reformation by implementing a targeted subsidy policy and rationalising new civil servants’ pensions.

“Both of these policy reforms will help strengthen the country’s fiscal and financial position and allow the government to invest more resources in development such as the education, health and public infrastructure sectors.

“These are expected to provide more long-term benefits to the people and the country,” he said.

— Bernama

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