According to Malaysia’s finance minister, the fourth quarter will be “the challenge” for its economy

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Last Updated on August 15, 2022 by Bitfinsider

According to Finance Minister Zafrul Aziz, if global headwinds like Russia’s conflict in Ukraine and China’s zero-covid policy continue, the fourth quarter will be “the toughest” for Malaysia’s economy.

China is Malaysia’s main trading partner, and he predicted that supply chain and trade disruptions will “dampen some of the growth projections for Malaysia in the fourth quarter of this year.”

Likewise thought Maybank Investment Banking Group.

According to Suhaimi Ilias, group chief economist at Maybank IBG, the bank anticipates that from the fourth quarter on, rising inflation and interest rates both domestically and abroad, along with indications of a slowdown in developed nations like the United States, Europe, and China, will begin to have a “visible impact” on the nation’s economy.

Although the growth momentum for July to September should be robust, Zafrul warned that this could be due to a bad base effect from the same time last year.

In the third quarter of 2021, Malaysia’s gross domestic product decreased by 4.5% as a result of a slowdown in all significant economic sectors, particularly the manufacturing and services sectors, according to the Department of Statistics Malaysia.

Suhaimi stated that Maybank IBG anticipates third-quarter growth in the mid- to high single digits, of roughly 7.5%, in part due to the low base in the prior year when the economy shrunk.

Zafrul declared that he is optimistic that Malaysia’s full-year economic growth will meet the government’s forecast despite the difficulties ahead.

Malaysia’s central bank reported on Friday that the GDP of the nation expanded by 8.9% from April to June of last year.

After Malaysia completely reopened its international borders in April, this was fueled by increased domestic consumption and tourism spending, according to Zafrul.

According to Zafrul, consumer spending jumped by 44% in June compared to the same month last year as a result of government fiscal stimulus plans and pent-up demand from the pandemic.


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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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