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 benefit from reconfiguration of global value chains as well, he added./.
In an effort to capture logistics demand due to changes in global supply chains, Malaysia is planning to build a new container port along the west coast of the Malay Peninsula facing the Strait of Malacca, which was one of the busiest sea route in the world.
The Malaysian government has agreed to establish a National Decarbonisation Committee involving state governments and relevant stakeholders to ensure a balanced and orderly transition to low-carbon development.
Malaysia will develop its silver economy to support aging population, allowing them to count on beneficial health and care services while enhancing their productivity ahead of retirement, Prime Minister Anwar Ibrahim addressed the recent International Social Wellbeing Conference 2024.
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Malaysia, as ASEAN 2025 Chair, marked the bloc’s 58th founding anniversary on August 8 with a vibrant celebration in Cyberjaya, blending an official ceremony with a colorful cultural festival.
Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
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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.
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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.
