Economic growth expected to remain positive in Q2 and Q3, says Azmin

Malaysia’s economic growth is expected to continue increasing in the second and third quarters of this year, driven by the government’s continued efforts to attract foreign investments as well as the success of the Covid-19 vaccination programme.

International Trade and Industry Minister Mohamed Azmin Ali said the 5% economic growth recorded in the first quarter of the year was an indication that the country’s economic performance would continue to improve.

“This is due to the policies and programmes initiated by (former prime minister) Muhyiddin Yassin to expedite the country’s vaccination programme, and now, more than 98.5% of Malaysia’s adult population has been vaccinated, allowing the country to reopen its borders.

“Consequently, external demand has been increasing, so local companies including SMEs need to increase their productivity to meet external demand,” he told reporters in Alor Setar yesterday.

He said his ministry, together with the Malaysian Investment Development Authority and the Malaysia External Trade Development Corporation, would continue working to attract investments that will create quality employment opportunities for Malaysians.

Azmin said the government would also continue to ensure that investors remain confident in the country’s business environment and ecosystem.

He said the country’s economy was on the right track to recover from the aftermath of the Covid-19 pandemic, adding however that the government needs some time to ensure that all recovery programmes are running smoothly.

Given the current situation, Azmin said he had refused calls for the 15th general election to be held in the near future.

“We must prioritise the country’s economic interest and the people’s interests to ensure sustainable growth for the future,” he said.