Economy Malaysia: Positive growth in 2024 says IMF
When external people say, then it seems more credible?
We can ask most Malaysians and they will tell you life’s tougher, prices are moving higher whether for food or properties and that business is harder and tougher to do these days. Generally everything is bad lah. Then again I find it harder to find a car parking space in malls these days. I learnt that for the major malls, the queue to rent a unit is long and they require a full profile before they even want to consider if they want to admit you. I also learnt that some car brands have waiting period stretching 1 year! Haha.
Anyway, regardless what they say, I can see so many going for vacations… buying a new car (the photo where the car has a ribbon)… photos of them enjoying some restaurants which I could never bring myself to go. There are also forever many shoppers inside that famous smartphone shop where its smartphones are already priced like double of every competitor…
Last but not least is the news that RM has depreciated so much that we are doooooooooomed. 🙂 Well, if we visit Japan today, it’s better than 5 years ago, still. Japan’s sovereign rating is Investor Grade or A rating yeah. Anyway, let’s focus on what IMF is saying about Malaysia. External views are supposed to be more credible lah.
Article in thestar.com.my IMF’s Asia Pacific regional studies division chief Shanaka (Jay) Peiris said that Malaysia’s real gross domestic product (GDP) is projected to grow 4.3% in 2024, up from the 4% growth expected for 2023.
The reason for this is due to higher global export demand, particularly from the technology sector. Jay shared that Malaysia is a very open economy, especially in the export of electrical and electronics products.
He said, “We expect the global economy and export demand to gradually recover, particularly for the technology sector to pick up too next year, and that will add to the 3% or higher growth we have in Malaysia towards next year.” Please read the full article here: Article in thestar.com.my
What we hear is secondary yeah. How we act is the key. Decide.
If we truly believe all the bad news, then please remember to really cut spending and increase savings yeah. For businesses, if you truly believe all these gloomy predictions, then remember to save and get ready for the storm to come. This may not be the best time to expand. For working professionals, if you also believe we are doomed, better start thinking of second or third job yeah. Truth is, driving for GRAB can definitely be done on weekends. If we continue to spew negativity, soon things will come true.
I do think the economy will keep growing and we will have more opportunities and not less. Happy believing and acting accordingly. Do not say one thing and do other thing.
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