PETALING JAYA: The country’s economic recovery is on the right track as measures taken by the government are beginning to show positive results, including the strengthening foreign revenue and demand, said Minister in the Prime Minister’s Department (Economy) Datuk Seri Mustapa Mohamed.
He said the economic stimulus packages like Prihatin; Prihatin Package for Small and Medium Enterprises (additional measures); National Economic Recovery Plan (Penjana); the Malaysian Economic and Rakyat’s Protection Scheme (Permai); the Strategic Programme to Empower the People and Economy (Pemerkasa) and Budget 2021 have had a positive impact on the country’s economic growth.
“Several key economic indicators recorded stronger performance, including the country’s Industrial Production Index which jumped 9.3% in March 2021 – the highest growth since July 2013, driven by the Manufacturing and Electricity Index which increased by 12.7% and 10.3%, respectively.
“Additionally, the sales value of the manufacturing sector increased by 15.3% in March 2021 – a 44-month high, supported by the sales of transport equipment and other manufacturing products, electrical and electronic products, as well as food, beverage and tobacco products, ” he said in a statement.
Meanwhile, after recording a contraction for five consecutive months since October 2020, the sales value of the wholesale and retail trade recorded a growth of 9.3% in March 2021.
“The sales value of motor vehicles also jumped 40.7% and retail trade increased by 10.5%, supported by the i-Sinar and i-Lestari withdrawal facilities, as well as the rise in commodity prices which helped to boost the people’s disposable income, ” he said, adding that exports grew 31% to RM104.9bil in March 2021 – a 44-month high – while imports increased 19.2% to RM80.8bil. ─ Bernama