DOSM: MALAYSIA'S ECONOMIC RECOVERY REMAINS IN SIGHT AMID GLOBAL UNCERTAINTY

KUALA LUMPUR, June 29 (Bernama) -- Economic recovery remains in sight with a better trend as signalled by Malaysia's macroeconomic performance in April 2022 amid global uncertainty, said the Department of Statistics Malaysia (DoSM).

Chief statistician Datuk Seri Dr Mohd Uzir Mahidin said more than two years after an unprecedented global health crisis that profoundly altered the world’s socioeconomic landscape, nations had started the recovery process with extensive exit strategy activities to boost economic viability and public health.

“While the public had started to adjust to endemicity, a new threat comes in the form of supply chain disruptions due to the ongoing geopolitical tension between Russia and Ukraine; uncertain weather conditions; and escalating demand following the easing of health restrictions in most countries,” he said in a statement today.

Noting on Malaysia's macroeconomic performance in April 2022, he said Malaysia is blessed with natural resources and commodities such as petroleum products and palm oil. 

“As a net commodity exporter, this country also benefits from higher commodity prices resulting in Malaysia’s total trade chalking up a double-digit annual growth of 21.3 per cent to RM231.4 billion,” he said. 

Exports rose 20.7 per cent to RM127.5 billion while imports went up 22.0 per cent to RM103.9 billion.

The trade balance rose 15.7 per cent and continued to remain in surplus at RM23.5 billion.

Malaysia's trade performance in May 2022 remained resilient, recording the fastest growth since November 2021, with total trade surpassing RM1 trillion, he said.

Mohd Uzir said going forward, Malaysia is expected to maintain a better economic recovery in the upcoming months.

“The Leading Index (LI) for April recorded 110.8 points with an improved negative growth of 0.5 per cent year-on-year compared to negative 1.4 per cent in March 2022.

“It is hoped that the economic recovery remains in sight with a better trend amid global uncertainty,” he said. 

He said in line with this, the S&P Global Ratings recently revised Malaysia’s long-term sovereign credit ratings outlook to ‘stable’ from ‘negative’ as it believes Malaysia is on a strong economic recovery path compared to other countries at similar income levels. 

-- BERNAMA