KUALA LUMPUR, May 17 ― Research firms have maintained Malaysia's gross domestic product projection of 5.6 per cent for 2022 with an upside to the economy following better performance in the first quarter 2022.
The return of foreign workers to support the agriculture and construction sectors, and the 11,261 housing projects that were approved as at end-March 2022 would further provide a positive uplift to the economy going forward. “Besides external headwinds, on the domestic side, the economy is expected to experience some pressure from supply chain disruptions, rising cost and increasing living cost,” it said.
On the private consumption side, the large Employee Provident Fund withdrawals, high commodity-related income, as well as continued recovery in the labour market, could point towards increased household spending.
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