Malaysia's economic activities improving, says deputy finance minister

GEORGE TOWN: Deputy Finance Minister Lim Hui Ying today said that Malaysia's economic activities this year are improving with an increase in export volumes in the first two months of this year.

The Tanjung MP said the country's export volumes experienced a drop in the fourth quarter last year but this did not last as the exports have increased at the beginning of this year.

“The Purchasing Managers' Index (PMI) has risen to 49 in the first quarter of this year compared to 47.5 in the fourth quarter of 2023, while the Industrial Production Index (IPP) recorded a growth of 4.3 per cent in January,” she said in her speech during the DAP Hari Raya Open House here.

She said the Asean+3 Macroeconomic Research Office (AMRO) data showed that Malaysia is on track to become a high-income country by the end of this decade.

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“This is further supported by the robust inflows of foreign direct investments (FDI) and rapid growth of the manufacturing sector especially the semiconductor industry,” she said.

She added that new foreign investment inflows will continue to boost growth rates for the country for it to achieve a high-income level even as the government continues to maintain its fiscal and monetary discipline.

“I am confident in the potential of every Malaysian in contributing towards our bright economic prospects and shared future as an advanced nation,” she said.

Lim also mentioned the recent 3R issues that she claimed were manipulated by certain groups for their personal political gains.

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“We live in a diverse, multi-ethnic, multi-religious and multicultural country so issues involving religion and race should be handled with care to avoid causing disharmony and destroying the peace that has been built by all these communities all this time,” she said.

She hoped the Hari Raya Open House will serve as evidence that people of different cultural communities respect each other and will serve as the beginning of a move to stop the manipulation of 3R issues.

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