Housing and Local Government Minister says Malaysia’s economy is strong, supported by various economic data

KUALA LUMPUR, March 4 — Housing and Local Government Minister Nga Ko Min said Malaysia’s economy is strong with positive fundamentals and economic outlook supported by various economic data for the first quarter of this year. .

He said that according to the latest update, Bursa Malaysia has increased by 96 points, which equates to an increase of 6.77 per cent.

Additionally, the country’s unemployment rate has fallen to 3.4% and inflation has stabilized at 1.5%.

“Furthermore, the country’s total exports increased by a significant 13.3 percent,” Nga, who is also the National Assembly DAP Chief of Staff, said in a statement today.

He said Bursa Malaysia was one of the three best-performing stock markets in the Asia-Pacific region this year, and Bursa Malaysia Stock Market’s 6.77% rise was the first in six years.

“The sharp rise in the stock market means that companies listed on Bursa Malaysia are recording good profits, which also indicates that Malaysia’s business environment is improving,” Nga said. said.

He also noted that Bank Negara’s foreign exchange reserves have increased to US$114.5 billion (RM541.5 billion), approved investments have reached RM329.5 billion, and the country’s economy is supported by the rapid development of the tourism industry. said.

“According to statistics from the Chinese Embassy, ​​more than three million Chinese tourists are expected to visit Malaysia this year, further contributing to the country’s gross domestic product (GDP),” he said.

However, Mr Ng’a stressed that economic recovery requires not only increased revenue but also reduced spending.

He said the Madani government, under the leadership of Prime Minister Datuk Seri Anwar Ibrahim, would bring about long-term reforms by implementing targeted subsidy policies and rationalizing pensions for new civil servants.

“All of these policy reforms will help strengthen the country’s fiscal and fiscal position, allowing the government to invest more resources in development, including in the education, health and public infrastructure sectors.

“These are expected to bring more long-term benefits to the people and the country,” he said.

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