KUALA LUMPUR, April 12 — Malaysia’s economy is expected to strengthen this year as the country transitions to the endemic phase, starting with the reopening of international borders.
“The resource-based and commodity sectors, particularly palm oil, rubber and oil and gas are expected to thrive on the back of high prices,” he told Bernama. “The aviation, hospitality and tourism-related industries are expected to emerge from their two-year doldrums and chart better performance as firms rebuild their balance sheets,” he said, adding that it would also be a shot in the arm for the retail sector.
He noted that the second-round negative effects on global growth would dampen the external outlook for Malaysia’s highly open economy. Moving forward, the country’s strong economic outlook will also help to boost the ringgit, which is projected to strengthen to 4.10 against the US dollar from 4.17 last year despite heightened uncertainty, said Kenanga Research
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