The MoF noted that Malaysia achieved strong growth of 5.6% in the first quarter of 2023 and reduced unemployment rate to 3.5%, against a height of 5.2% in May 2020. — Bloomberg
PETALING JAYA: The government’s fiscal policies and Belanjawan 2023 measures are starting to bear fruit despite multiple challenges, according to the Finance Ministry (MoF).
Citing early economic indicators, the MoF noted that Malaysia achieved strong growth of 5.6% in the first quarter of 2023 (1Q23) and reduced unemployment rate to 3.5%, against a height of 5.2% in May 2020.
It added that approved investments in 1Q23 hit RM71bil, a 60% increase from RM45bil in 1Q22.
“This is underpinned by strong investment interest from, among others, Amazon Web Services, Tesla EV, Geely/Proton Automotive City in Tanjung Malim and Ronsheng Petrochemicals in Pengerang.
“The affirmation of credit rating by Fitch and Moody’s in February 2023 and April 2023 respectively, reflect their confidence in the government’s determination to sustain economic growth amid highly challenging global conditions,” it said.
