Malaysia's economy continues to recover
The latest data from the National Bank of Malaysia showed that the country's GDP increased by 8.9%in the second quarter of this year and the economic growth in the first half of the year was 6.9%. The agency predicts that the Malaysian economy will maintain a recovery momentum in the second half of the year, which can achieve the annual economic growth of 5.3%to 6.3%.
Strong domestic consumption is the main driving force for Malaysia's economic recovery. The Malaysian assessment agency RAM recently reported that the total retail sales of social consumer goods in Malaysia continued to grow since August last year, and the total retail sales in June this year increased by 44%year -on -year. The report believes that the consumer activities of residents in the country have returned to the level before the epidemic. The Minister of Finance, Malaysia, said that the demand for suppressed consumption during the epidemic was gradually released, and the rebound momentum of domestic consumption far exceeded expectations.
Domestic demand increases the recovery of Malaysia's service and manufacturing industry. In June this year, the output value of the service industry in Malaysia increased by 12.1%year -on -year, and the industrial output value increased by 9.2%year -on -year. In addition, since April, Malaysia's foreign trade has grown strongly. The export value in June reached a record 146.1 billion Linkt (about 225 billion yuan), an increase of 39%year -on -year; the import volume increased by 49.3%year -on -year. The service industry and manufacturing industry are the two pillars of Malaysia's economy, with a contribution rate of more than 80%to the economy. Economic warming has continued to improve the employment status of Malaysia. In the first quarter of this year, the country added 26,000 jobs. As of June, the national unemployment rate fell to 3.9%, the fourteenth consecutive month.
The large -scale vaccination and rapid economic growth have increased the confidence of foreign investors. In August alone, Malaysia held 18 international business activities, attracting more than 20,000 foreign investors to participate. From August this year to early 2024, the conference center has arranged 127 international business activities, most of which are investment conferences and exhibitions.
The Malaysian government also vigorously develops the digital economy and injects new impetus into economic growth. Recently, the country has formulated a digital initiative to accelerate the development of the digital economy by promoting the popularization of digital technology, supporting the development of local scientific and technological enterprises, and attracting high -quality investment. The Malaysian Communications and Multimedia Department set up the "Malaysia Digital Coordination Committee" to be responsible for the implementation and coordination of digital initiative. Reports jointly released by Google, Temantians and Bain show that Malaysia's digital economy in 2021 reached US $ 21 billion, a year -on -year increase of 47%, and it is expected to increase to $ 35 billion by 2025.
The heads of the National Bank of Malaysia believe that issues such as inflation, unstable international economic environment, and shortage of foreign workers may have a negative impact on Malaysia's economy. However, relying on stable domestic consumption and strong exports, Malaysia's economic recovery prospects are still very bright.
