Experts: Work hard now, economy downturn temporary

PETALING JAYA: The economy is going to get better, but it won’t be soon.

This needs to be done until uncertainties over the global economy, especially on output growth, inflation and interest rates, ease, said Sunway University professor of economics Dr Yeah Kim Leng. “The end of China’s zero Covid-19 policy is a hopeful sign that Malaysia could still achieve decent growth this year and avoid being among the ‘one-third of the global economy’ expected by the International Monetary Fund to fall into a recession.“Inflation is expected to ease this year. That will keep a lid on the rising cost of living. the anticipated shift to a targeted fuel subsidy scheme, which would keep inflation in the domestic economy at a high level,” he said.

With global inflation nearing its peak, Prof Yeah believes domestic inflationary pressures will ease, keeping the cost of living under control. Malaysia University of Science and Technology economics professor Dr Geoffrey Williams also expects the economy to stabilise this year with lower inflation and normal growth rates.“Inflation will slow, but prices will not fall; they will just rise more slowly. Although the economy will grow, this may not translate into higher incomes and wages. Millions will remain poor,” he said, adding that economic reforms are needed in the soon-to-be-tabled Budget 2023.

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