Economic growth will continue to be strengthened in second quarter, says PM


PETALING JAYA: The country’s economy has grown by 5% in the first quarter and will continue to be strengthened through government initiatives under Budget 2022 and other stimulus packages, says Datuk Seri Ismail Sabri Yaakob.

The Prime Minister said that Malaysia’s trade volume has reached the highest level at RM270.4bil, which was an increase by 43.4% as of last month.

“Economic growth will continue to be strengthened in the second quarter as several economic indicators have shown.

“Amount of exports have increased by 38.8% to RM146.2bil, meanwhile imports have reached growth by 49.3% to RM124.2bil.

“The labour market has also improved with the unemployment rate declining to 3.9% in May this year compared with the same period in 2020 at 5%,” he said during his speech at the 60th National Chamber of Commerce and Industry of Malaysia (NCCIM) anniversary gala dinner.

Ismail Sabri also said that wholesale and retail sales recorded an increase of 19.9% and the manufacturing sector showed an improvement of 15.7% in May.

The Prime Minister said a total of 24,906 jobs were created with a total of RM42.8bil of investments approved during the first quarter of the year.

Strategic international cooperation with trading partners showed that the government is committed to strengthening the supply chain resilience for critical products, Ismail Sabri added.

“To increase the access to international business by local industries and to reduce global supply chain disruption, Malaysia has implemented the ratification of Regional Comprehensive Economic Partnership (RCEP) agreement.

“Malaysia will also soon ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) to increase local industries’ capacity as well as its competitiveness,” he said.

He added the International Trade and Industry Ministry’s Industry4WRD Intervention Fund has benefited 230 companies while 1,190 small and medium enterprises (SME) have participated in the readiness assessment programme.

The intervention fund aims to provide a matching grant facility to SME in support of transition towards automation and application of Industrial Revolution 4.0 with a maximum allocation of RM500,000.

NCCIM celebrated its diamond jubilee with the theme of “Achieving Resilient Businesses, Emerging Together Stronger”.

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Budget 2022 , economy , Ismail Sabri Yaakob , NCCIM

   

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