The Malaysian economy registered a growth of 3.6 per cent in the fourth quarter (Q4) of 2021 compared to the contraction of 4.5 per cent in Q3, as economic activities resumed with the easing of containment measures.
During a joint press conference with Bank Negara Malaysia (BNM) today, chief statistician Datuk Seri Dr Mohd Uzir said this brings the overall economic growth for 2021 to 3.1 per cent.
“The growth was supported by the recovery in domestic demand as economic activity resumed and continuous strength in external demand,” he said.
In addition, strong external demand amid the continued upcycle in global technology provided a further lift to growth.
On the supply side, all economic sectors recorded improvements in growth, led by the services and manufacturing sectors.
On a quarter-on-quarter seasonally-adjusted basis, the economy registered an increase of 6.6 per cent compared to a lower 3.6 per cent in Q3 of 2021, BNM noted.
Governor Tan Sri Nor Shamsiah Mohd Yunus said for 2022, the domestic economy is expected to remain on its recovery path, supported by the continued expansion in global demand and higher private sector expenditure given improving labour market conditions and ongoing policy support.
She said the continuation of major investment projects in the private and public sectors would also support growth.
“Malaysia is well-positioned to continue benefitting from the expansion in global economic and trade activities. In addition, the acceleration of the Covid-19 booster vaccination programme and vaccination of children above five years old, coupled with sufficient capacity in the healthcare system, would improve domestic economic activities, thus strengthening the recovery momentum.
“However, the balance of risks remains tilted to the downside, mainly from development surrounding Covid-19, both globally and domestically,” she said. – NST ONLINE
