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Malaysia’s GDP grew 14.2 percent, the highest in Southeast Asia – PM Ismail Sabri

Malaysia’s GDP grew 14.2 percent, the highest in Southeast Asia – PM Ismail Sabri

Bank Negara Malaysia (BNM) announced Malaysia’s economy grew 14.2% in the third quarter of 2022, driven by continued expansion in domestic demand, a strong recovery in the labor market, robust electricity and electronics (E&E) and non-E&E exports and continued policy support.

Reportedly, the growth was partly driven by a low base effect, following strict containment measures in the third quarter of last year.

The Prime Minister, Datuk Seri Ismail Sabri Yaakob said the Malaysian economy continued its recovery momentum, recording faster GDP growth of 14.2% in the third quarter of 2022 (Q3 2022) compared to 8.9% in the second quarter and 5% in the first quarter.

Strong GDP growth was contributed by domestic and foreign demand and a buoyant labor market.

This Q3 2022 growth is also supported by the implementation of Budget 2022 measures as well as the spillover effect from the transition to the endemic phase which encourages more vigorous economic and social activities.

He also stated that this increase in GDP is proof of the government’s success in driving economic recovery post-Covid-19, as well as proving the inaccurate accusation that the government has failed to bring about changes to the national economy.

He said the increase was also driven by the opening of the economic sector in line with the transition to the pandemic phase, in addition to the success of stimulating the use of the private sector and the national labor market.

“The 14.2% increase is faster than the second quarter’s 8.9% and the first quarter’s 5%,” he said after attending the Moh Ngeteh program with the Orang Asli community at Kampung Orang Asli Bongkok here.

“The same goes for the unemployment rate which continues to decrease, which is 3.6% last Sept compared to 4.6% in August 2021 (when he was just appointed as prime minister)”.

He added that consumer confidence is shown by wholesale and retail trade sales reaching RM134 billion for Sept 2022, which is a 23.9% increase compared to RM108.1 billion in Sept last year.

“The business sector is getting stronger with manufacturing sector sales in Sept 2022 amounting to RM161.7 billion, which is a 19.5% increase compared to Sept 2021.

“The government is constantly monitoring the development of the global economy to ensure that the major impact of the economic slowdown does not affect the country,” he said. – THE MALAYA POST

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