China's reopened borders and firmer commodity and oil prices will also boost economy. Read more at straitstimes.com.
KUALA LUMPUR- Private consumption could be the bright spark amid Malaysia’s economic gloom, with retailers like local hypermarket chain Mydin and tech giant Apple making plans for expansion.
Local hypermarket chain Mydin, which has 61 branches in Malaysia targeting low-income groups, plans to open up to three new outlets in 2024. Recent polls like the PwC Global CEO survey revealed that 74 per cent of Malaysian CEOs foresee global economic growth declining in the next 12 months. Malaysia’s private consumption could rise further in 2023, assuming the government maintains its fuel subsidies this year, Mr Firdaos told The ST. Bank Islam estimates private consumption to register a double-digit growth of 12.4 per cent in 2022.
“The interest rate pause by Bank Negara also means cost of borrowing by households and businesses will be static, its impact on borrowers’ disposable income is neutral unless the central bank decides to hike rates in early March or May 2023,” said Mr Firdaos.
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