International Trade and Industry Minister Datuk Seri Tengku Zafrul pointed out that the growth of gross domestic product (GDP) is expected to slow down in 2023 compared to last year, but he is confident that the Malaysian economy will not face a recession.
Zafrul said in an interview with the Malaysian National News Agency that he was optimistic about the country’s economy because the recession is defined as 2 consecutive quarters of negative GDP growth.
Positive Economic Growth Prevent Recession
Bank Negara, the International Monetary Fund, and the World Bank have projected Malaysia will continue achieving positive economic growth in the 3 to 5 percent range.
Tengku Zafrul said there is a need to capitalize on this opportunity to ensure all growth, especially in trade and investment, continues to kick in.
He said Malaysia needs to attract high-quality investment to improve job opportunities and increase national income. Foreign direct investment will also be converted into domestic direct investment. He also said that the country needs to develop small and medium enterprises to provide services and become suppliers to multinational companies.
He hoped that the policies formulated by the ministry would encourage exports and economic growth and reduce bureaucracy.