The country’s economy is resilient with a strong banking system, supportive govt and prudent corporate citizens, says CEO

KUALA LUMPUR • JP Morgan is optimistic that Malaysia will be able to meet the annual GDP growth of 7.7% in 2022, which is likely to be one of the highest in the region.

According to JP Morgan Malaysia CEO Wong Hooi Ching, the country’s economy is resilient with a strong banking system, supportive government and prudent corporate citizens.

“We are also bullish and optimistic on the electrical and electronic (E&E) industry as Malaysia has been currently supplying 10% of the semiconductor components globally,” she said at the “Invest Malaysia 2022 Series 1: Building Resilience Amidst Volatility” here, today.

Furthermore, she said Malaysia has managed to attract the highest foreign direct investment in the last six years, totalling US$1.9 billion (RM8.57 billion) into the country as at August 2022.

She also said that Malaysia has a vast talent pool and as the economy transforms, JP Morgan plans to continue innovating, engaging and supporting the next generation of leaders.

On Monday, Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz said Malaysia’s economic growth may surpass the official estimates of between 5.3% and 6.3% in 2022.

He attributed this to the country’s rapid growth in the second quarter (2Q) at 8.9% and expected improved performance in 3Q.

He said Malaysia is likely to chart even stronger growth in the 3Q despite facing a weaker global economy as well as the rising US dollar. 

The new number forecast will be announced during the tabling of Budget 2023 on Oct 7. — Bernama / pic TMR File