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As Malaysia transitions to the endemic phase and economic activities continue to normalise, sentiments around growth are relatively optimistic. In the first quarter of 2022, Bank Negara Malaysia reported a year-on-year GDP growth of 5%, supported by increases in domestic and external demand, as well as labour market recovery with unemployment rate decreasing to 4.1%.
Business optimism has been underlined by strong private consumption, robust foreign direct investment, and improved availability of financing. The recovery momentum is expected to be buoyed by the reopening of international borders and structural reforms, in line with the Twelfth Malaysia Plan 2021-2025, which reflects the government’s commitment to boost the country’s economic resilience, help businesses grow and achieve sustainability.