KUALA LUMPUR, Jan 4 — After two years of fighting the Covid-19 pandemic, the Malaysian economy is coming out of its economic trough in 3Q 2021 and is on the path to recovery in 2022, Socio-Economic Research Centre executive director Lee Heng Guie said.
“A sustained revival of consumer spending, aided by a gradual recovery in the labour market and the anticipated strong bounce back in public investment via high allocation of development expenditure in 2022 will underpin a firmer economic recovery. “People mobility and traffic indicators have been showing signs of revival amid wary about the Omicron Covid-19 virus variant.“Hotel occupancy rates have improved to around 40 to 50 per cent in recent months, thanks to a resumption of interstate travels and local tourists,” said Lee.
“The manufacturing sector will continue its growing momentum amid facing constraints from the supply chain disruptions and workers shortage. However, SERC found that the mining and quarrying sector is expected to remain weak on lower crude oil and condensates production, following the scheduled shut down of oil and gas plants and facilities for maintenance.
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