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Malaysia sees indicators of economic recovery

Economic recovery in Malaysia has begun with GDP in Q1 2022 up by 5%. With this development, the Ministry of Finance (MoF) said the Malaysian economy is expected to grow between 5.3% and 6.3% this year, supported by higher domestic demand and support from external demand, increased economic activity, and continued labour market recovery. The MoF report said that with the reopening of the international borders, the tourism sector will also recover and increased trade activity will have a positive impact on the services sector. The ministry, however, warned that the government still needs to be vigilant about the latest global and geopolitical developments that could affect the momentum of the country’s economic recovery, particularly inflation if commodity prices continue to rise, as well as supply chain disruptions.

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