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Chinese Business Community More Upbeat On Malaysian Economy For 2nd Half
Deputy chairman of ACCCIM Socio-Economic Research Committee, Peck Boon Soon, said many businesses foresaw a pickup in their businesses in the second half.
"Their sales are expanding thanks to a strong export demand," Peck said.
"This positiveness was also in line with Malaysia achieving a 6.3 per cent gross domestic product growth during the first half," he told a press conference to present Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM) survey report on Malaysia's economic outlook here today.
About 47.6 per cent of the businesses polled said they were pessimistic of the economic performance for the second half, down from 64 per cent polled six months ago, according to the findings of the survey.
Businesses, however, were more pessimistic towards next year's economic outlook with 51.4 per cent feeling pessimistic, the report showed.
"Next year's implementation of goods and services tax (GST), possible further rationalisation in fuel and electricity subsidies, had roused companies' anxiety, but these effects should wane off in 2016," Peck said.
More than 380 companies from sectors, including wholesale and retail, manufacturing, professional and business services, and construction, were polled in this survey.
The ACCCIM said it hoped the government would offer concrete plans in next month's Budget announcement to help businesses cope with the rising costs of doing business.
"The cut in fuel subsidies, adjustments in electricity and GST implementation will impact the businesses by and large.
"We hope more engagement from the government and look forward to its plans on how to help businesses mitigate the costs," Peck said.
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