Malaysia’s economic indicators point to recovery

By SHAHEERA AZNAM SHAH / Pic by TMR FILE PIX

Malaysia’s economic recovery is measured through the encouraging indicators from the retail, tourism and commodity industries, says Deputy Minister in the Prime Minister’s Department (Economy) Arthur Joseph Kurup.

He told Dewan Negara today that the retail sector is beginning to chart a gradual recovery while the hotel occupancy rate nationwide has increased to 23.4% after the Conditional Movement Control Order (CMCO) was lifted and cross-state travel was allowed.

He added that the crude palm oil (CPO) price had reached a level above RM3,000 thousand per tonne in November at RM3,422 while the SMR 20 rubber price had risen to the highest level to 6.33 sen per kilogram last month.

Kurup was responding to Senator Datuk Teo Eng Tee @ Teo Kok Chee who queried about the current economic situation, challenges faced and the measures taken to recover the economy from the Covid-19 pandemic.

Malaysia’s GDP is expected to grow between 6.5% and 7.5% in 2021, driven by the anticipated improvement in global growth and international trade.

Its growth rate contracted by 8.3% in the first half of 2020 (1H20) due to the Covid-19 pandemic, and further charted a decline of 17.1% in 2Q20.