PUTRAJAYA JAN.11: The economy of Malaysia is expected to be better in 2020 with the boosting of employment opportunities and income of youth, fresh graduates and women through the RM6.5billion Malaysia@Work programme and major infrastructure projects valued at RM120 billion.
Minister of Finance, Lim Guan Eng said, the domestic economy is focused to be better due to manufacturing purchasing managers’ index (PMI) rose 0.5 to 50.0 points in December 2019 and is the highest in 15 months.
Guan Eng said it came about after November 2019 where PMI improved by 0.2 to 49.5 points from 49.3 points in October 2019. The PMI manufacturing suggests the domestic economy would grow faster in the coming months.
“Trends exhibited by the RAM Business Confidence Index published this week concur with the outlook implied by the PMI and the Department of Statistics Malaysia (DOSM) is among the indicators towards a more sustained future expansion.
“DOSM showed that the latest leading economic indicators expanded 1.4% to 120.3 points in October 2019 versus 118.6 points in the previous month and this is a significant improvement from -0.4% and 0.3% change in August and September respectively,” said Guan Eng in a statement here today.
Guan Eng added the local rating agency RAM suggests that sentiment among Malaysian businesses is improving, with confidence among corporate rising 3.2 points to 56.4 in 1Q20-2Q20 relative to the 4Q19-1Q20 period. At the same time, confidence among small and medium enterprises (SMEs) rose 1 point to 54.2, which is the highest level since the index began in 2017.
Guan Eng also said the Malaysian economy in 2020 is expected to be supported among others by the major infrastructure works namely Pan. Borneo Highway, LRT3, MRT2 and ECRL valued at RM120 billion, the building of Bandar Malaysia with a gross development value of.RM140 billion, RM450 million digital stimulus of e-wallets providing RM30 free shopping money.
Guan Eng also mentioned that the 5year RM6.5 billion Malaysia@Work job programme that provides 350,000 job opportunities for the unemployed by giving monthly wage incentives of RM500 to workers and RM300 monthly to employers for taking in local workers would also help the domestic economy to expand. –Malaysia World News