Economic growth in 2023 was worse than expected and worse than the advance estimates. This paints quite a different picture from the rosy narrative of the main analysis and...
Unhappy with your telco? Consumer Forum of Malaysia aims to be one-stop resolution centre before calling in the big gunsEconomic growth in 2023 was worse than expected and worse than the advance estimates. This paints quite a different picture from the rosy narrative of the main analysis and forecasts.
Almost half of the annual growth is due to a rise in inventories or stocks. So firms are producing products that are not being sold due to low domestic and international demand. Manufacturing growth has stagnated at 0.7 per cent.Among the components of GDP private consumption contracted by 3.0 per cent in Q4 in seasonally adjusted terms. This is a staggering 12 per cent decline in annualised terms. Having declined 0.
The standard narrative that lower unemployment leads to higher incomes, spending and growth is wrong and must be challenged. The idea that Malaysia can rely on trade or tourism and the idea that a weak ringgit is a bad thing must also be challenged. The government must change the narrative and understand that high underemployment and forced labourforce participation is holding down incomes and consumption, which in turn holds down investment and growth. Overseas demand does not compensate for this.
Economic reforms including the Padu scheme, subsidy rationalisation, the progressive wage model and pension reform must be brought forward and accelerated.
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