Saturday, June 15

Tag: economic

The World Bank lowers its prediction for Malaysia’s GDP growth to 3.9 percent in 2023
Business, Finance, News

The World Bank lowers its prediction for Malaysia’s GDP growth to 3.9 percent in 2023

Amid a significant slowdown in foreign demand, the World Bank lowered its projection for Malaysian GDP growth, which is measured by the country's economy, to 3.9 percent this year from its earlier forecast of 4.3 percent. However, in its East Asia and Pacific October 2023 Economic Update, which was released on Monday, the bank increased its projection for Malaysia's GDP growth to 4.3 percent in 2024 from its prior forecast of 4.2 percent. The country's economy is projected to be led by a resurgence in global growth, the tourism industry, and anticipated increased oil prices, according to Dr. Apurva Sanghi, the World Bank's head economist for Malaysia. “The economy is expected to face significant external risks. Deeper global growth shocks could potentially result in a more si...
How Malaysia and China can deepen ties amid South China Sea disputes and US-China rivalry
Opinion, Politics

How Malaysia and China can deepen ties amid South China Sea disputes and US-China rivalry

As a linchpin of China’s economic presence in Southeast Asia, Malaysia enjoys long-standing trade ties with the world’s second-largest economy, with trade volumes nearly doubling from US$106 billion in 2013 to US$203.6 billion last year. Malaysia is China’s second-largest trading partner in a region that is increasingly important in Beijing’s foreign policy vision and initiatives, including the Belt and Road Initiative and Global Development Initiative.Yet challenges remain, and both Beijing and Kuala Lumpur should know this. Amid intensifying geopolitical rivalries and pressures on countries to take sides, Malaysia has long sought to hedge between China and the United States. Territorial disputes, historical misfortunes and tensions between ethnic groups, and a complex history ...
Johari Abdul Ghani now a major shareholder of MyNews
Business, Finance

Johari Abdul Ghani now a major shareholder of MyNews

Datuk Seri Johari Abdul Ghani, a businessman and Umno politician, became a key shareholder of MyNews Holdings Bhd a few months ago through JAG Capital Holdings Sdn Bhd, prompting significant boardroom changes at the group, which operates convenience store franchises. When contacted, a source claimed, however, that the emergence of Johari as a new shareholder was "not related" to changes in the boardroom. According to a filing on Tuesday, the business announced the departure of its executive chairman, Ding Lien Bing, effective September 30. According to the filing, Ding has met his objectives and is quitting due to time constraints from other personal responsibilities. He will nonetheless continue to advise MyNews' management. In the filing, it is also stated that "Ding has...
Median monthly salaries and wages up 7.7% in 2022
Business, News

Median monthly salaries and wages up 7.7% in 2022

Credit: Malay Mail The Department of Statistics Malaysia (DOSM) reports that after Malaysia adopted the RM1,500 minimum wage in May of last year, median monthly incomes and wages increased 7.7 percent to RM2,424 in 2022 from RM2,250 in 2021. Chief statistician Datuk Seri Dr. Mohd Uzir Mahidin attributed the rise to ongoing economic and social activities, which were backed by rising tourist arrivals and improvements in the labor market, particularly in the services sector. “The Malaysian government had increased the minimum wage to RM1,500 starting from May 2022, mandating a monthly wage of RM1,500 for employees in all sectors, as a measure that is expected to improve overall salaries and wages conditions in the country as compared to the previous years. “Thus, this situation i...
Malaysia aims to gain knowledge from China’s development
Business, Leadership, Politics

Malaysia aims to gain knowledge from China’s development

Malaysia, which is benefiting from new chances for growth as a result of its participation in the Belt and Road Initiative, looks forward to learning more from China's achievements during the last decades, according to Johari bin Abdul, speaker of Malaysia's Dewan Rakyat, the lower house of parliament. For Malaysia, a country rich in rivers, the BRI acts as "another river" to enhance transportation and the local economy, according to Johari. He used the East Coast Rail Link, or ECRL, being built by China Communications Construction Company to make his point. The more than 600-kilometer railway, which runs along Peninsular Malaysia's east coast, is a flagship project of BRI collaboration. The railway is anticipated to connect Port Klang on the west coast with the states of ...
Steven Sim: Not the right time to bring back GST
Business, Finance, News

Steven Sim: Not the right time to bring back GST

The government is not disputing the goods and services tax (GST), either in terms of its strengths or weaknesses, but rather the timing to implement it, said Deputy Minister of Finance II Steven Sim Chee Keong. He said the government’s view is that the country is still in the recovery phase post-pandemic and is facing various global economic challenges due to geopolitical unrest, so in this less-than-encouraging economic situation, it is still not ready to implement the GST. “It is not a discussion about the strength or weakness of the GST taxation system but the appropriateness of it, we have to do the right thing at the right time. “If you do the right thing but at the wrong time, it will put a burden on the people," he told Dewan Negara on Monday during the winding-up deba...
Malaysia’s inflation remains at 2% in August 2023
Finance, News

Malaysia’s inflation remains at 2% in August 2023

According to the Department of Statistics Malaysia (DoSM), Malaysia's inflation rate stayed constant at 2 percent in August 2023, the same as it was in July 2023. In a statement, DoSM stated that the August inflation rate was primarily due to slower growth in restaurants and hotels (4.7 percent versus 5 percent in July 2023), food and non-alcoholic beverages (4.1 percent versus 4.4 percent in July 2023), and miscellaneous goods and services (2.4 percent versus 2.6 percent in July 2023). Food and non-alcoholic beverages are believed to make up 29.5 percent of the CPI's overall weight. Meanwhile, it stated that the transport sector's inflation rate for August 2023 showed no change (0.0 percent) compared to -0.4 percent in July 2023. Core inflation was reported by DoSM to...
Despite global unrest, the Malaysian economy is resilient, says Bursa chairman
News

Despite global unrest, the Malaysian economy is resilient, says Bursa chairman

Despite the unpredictability of the world economy and geopolitics, the Malaysian economy has continued to be resilient and develop new capabilities, according to Abdul Wahid Omar, chairman of Bursa Malaysia. He asserted that the administration has proven its steadfast commitment to boosting the economy through ongoing investments, the creation of new strongholds, and a streamlining of policies to promote growth. “As revealed in the recent mid-term review of the 12th Malaysia Plan (12MP), our real gross domestic product (GDP) growth is poised to grow at plus 5–6 percent between 2021 and 2025, with private consumption shares and services-to-GDP ratio surpassing initial targets. “One striking example of this collaborative effort is the National Energy Transition Roadmap (NETR), ...