Recording 8.9 Per Cent Economic Growth in Q2 Proves that Malaysian Government has Not Failed - PM

KUALA LUMPUR, Aug 15 (Bernama) -- Malaysia’s economic growth of 8.9 per cent for the second quarter (Q2) of this year is the best in Southeast Asia and a testament that the government has not failed as the opposition claims,” said Prime Minister Ismail Sabri Yaakob. He said the growth was contributed by the government’s decision to reopen all economic sectors and national borders, restoring investor confidence in Malaysia. “Since taking over the leadership, unemployment fell from 4.3 per cent to 3.8 per cent, almost equal to pre-pandemic levels. “Foreign direct investment (FDI) set a record high in the fourth quarter of 2021 with RM26.7 billion followed by RM23.3 billion in the first quarter of 2022,” he said here, Sunday. The Prime Minister said the latest announcement of FDI inflows in the second quarter of 2022 amounting to US$5.41 billion (RM24.1 billion) makes FDI inflows for the nine months period reaching US$16.64 billion (RM74.1 billion), surpassing the total FDI in 2021, 2020, 2019 and 2018. (US$1 = RM4.45) “So, let’s not be consumed by claims that foreign companies do not want to invest in our country,” he said. Ismail Sabri highlighted that in meeting with captains of industry during recent visits to foreign countries such as Japan and the United States, he was informed that they were still interested in investing in Malaysia. In addition, the Prime Minister said that according to data, the country’s value of wholesale and retail sales recorded the best performance since 2013, at RM132 billion for June 2022, while the sales value of the manufacturing sector jumped 23.4 per cent to RM153.5 billion for the same period. “I need to explain this to deny the accusations from the opposition who want to hold a demonstration on the grounds that the government has failed even though we have actually succeeded in achieving what we planned all along,” he said. In the meantime, Ismail Sabri said the government’s intervention, including through the Special Task Force on Jihad Against Inflation, had succeeded in controlling and reducing the prices of goods such as chicken and cooking oil in the market. He said that despite expecting an increasingly challenging situation contributed by global inflation, the government will not hesitate to take any drastic decision to ensure that the effects of inflation are kept to a minimum for the benefit of the people. -- BERNAMA