Malaysia’s GDP growth in 2019 in line with neightbouring countries
Malaysia’s modest gross domestic product (GDP) growth of 4.3 percent in 2019 is considered better than some of its neighbours, said Economic Affairs Minister Datuk Seri Azmin Ali.
Economic Affairs Minister Datuk Seri Azmin Ali (Photo: nst.com.my/)
Kuala Lumpur (VNA) - Malaysia’smodest gross domestic product (GDP) growth of 4.3 percent in 2019 is consideredbetter than some of its neighbours, said Economic Affairs Minister Datuk SeriAzmin Ali.
OtherASEAN countries, while most of it registered higher growth, had missed their2019’s projection.
Last year, Singapore’seconomy grew 0.7 percent, the slowest in a decade, while the Philippines missed its6.0 to 6.5 percent target to register 5.9 percent GDP expansion, the lowest ineight years, he said, adding Indonesia’s GDP rose 5.02 percent, short of thegovernment’s 5.3 percent target.
Azminsaid the trend was also seen in parallel with the growth of other Asiancountries.
The overall performance of the Malaysian economy was moderated by the slowdownin the global economy in line with the slowdown in global trade activity, heexplained.
Azmin said domestic economic growth prospects for 2020 might be affected by therecent coronavirus disease (COVID-19) outbreak, which may cause global supply disruption.
The sectorsthat will be impacted include tourism, transportation and manufacturingindustries.
He said tomitigate the adverse impact and ensure continuation of the people's well-being,the government was taking proactive measures. They are meant to boost domesticeconomic activity while also promoting exports, especially for the health care,electricity and electronics, and pal oil related products.
Besides,an economic stimulus package is being finalised to support economic growthwhile at the same time prioritising the well-being of the residents.
He said inaddition, the government's move to reduce toll rates and ensure a stable petrolprice was expected to help ease the people's burden while strengthening domestictourism.
Bank Negara Malaysia’s move to reduce the Overnight Policy Rate to2.75 percent on January 22 would also support the growth of the domesticeconomy this year, he added./.
The Dewan Negara – the upper house of the Malaysian Parliament – has approved the Supply Bill (Budget) 2020, which has allocated 297 billion RM for the year’s expenditure.
According to observers, Malaysia must cope with a sagging economy due to the impact of the global trade tension in 2019 and strive to find a foothold before the transfer of power scheduled next year.
The Malaysian government will ensure the digitalisation of the economy will not leave anyone out of the mainstream of development, Minister of Finance Lim Guan Eng said at a tech conference on December 30.
The outbreak of the new coronovirus (COVID-19) has yet to reach a crisis level and been well under control in Malaysia so there is no need to raise alarm, said a Malaysian official.
Featuring a permanent exhibition area, the ASEAN Hall will function both as a cultural showcase and as a dynamic venue for ASEAN-related events and programmes. Its inauguration on ASEAN Day added symbolic weight, marking a fresh milestone in ASEAN–RoK relations.
Thailand’s Ministry of Commerce and rice exporters are devising strategic plans to boost rice exports amid global market fluctuations, focusing on key markets and adjusting output.
The focus of the upcoming ASEAN Summit in October will be on strengthening economic relations through intra-regional trade and investment, as well as regional initiatives on energy networks and connectivity.
Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
The Indonesian Government is determined to seize opportunities to enhance the competitiveness of national agricultural products, an official has said, adding that it always strives to promote exports at the highest possible level, based on a mutually beneficial foundation.
Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
The 30-storey tower crumbled seconds after a 7.7-magnitude earthquake hit neighbouring Myanmar on March 28. The partially built high-rise, meant to house the State Audit Office (SAO), was the only building in Thailand to collapse, killing 89 people on the site, mostly construction workers.
Indonesia’s waste generation is projected to exceed 50 million tonnes in 2025. Of the total, more than 20 million tonnes could potentially enter the ocean through rivers, coastal areas, small islands, ports, and marine activities, and thereby, pose a risk to coastal ecosystems and marine biota.
Indonesia is accelerating plans to increase lithium imports, particularly from Australia, in a bid to fill gaps in the electric vehicle (EV) battery supply chain and realise its ambition of becoming a global EV manufacturing hub.
Malaysia’s gross expenditure on R&D (GERD) reached 1.01% of gross domestic product in 2022, a notable increase, with more than 51% contributed by the industry sector. The country is targeting GERD to reach 2.5% by 2030, in line with the national goal of transforming into a high-technology nation.
The facility was established in response to a growing shift in the Filipino labour force from the Middle East to Japan, where workers are seeking safer working environments.
In the latest Indonesia-US trade agreement in July, the US administration agreed to reduce the reciprocal tariff, which was initially set at 32% by US President Donald Trump last April, to 19%.
Real estate agency ERA Singapore estimated that there are 2,703 condo developments in Singapore today, of which 836 or 31% are at least 30 years old. In 10 years, this number is expected to climb to 1,160, assuming none is sold en bloc.
The new framework is designed to ensure that incoming investments deliver tangible national benefits, such as the creation of high-quality jobs for Malaysians and the development of local company ecosystems and technologies.
Singapore led with a total of 8.8 billion USD in realised investment, followed by Hong Kong and mainland China, Malaysia, and Japan with 8 billion USD, 1.7 billion USD and 1.6 billion USD, respectively.
Thai Acting Prime Minister Phumtham Wechayachai on August 7 outlined his strategy for tackling drug problems in Thailand, aiming for a "Zero Drugs Thailand" within three months.
The US has described Malaysia's role as Chair of the Association of Southeast Asian Nations (ASEAN) as vital in helping ease tension between Thailand and Cambodia.
Economic Affairs Minister Datuk Seri Azmin Ali (Photo: nst.com.my/) 
