PETALING JAYA: Persistently negative growth in Malaysia’s total trade for the past two months signals a looming economic challenge, heightening concerns the country’s third quarter (3Q23) gross domestic product (GDP) growth may fall below expectations.
Bank Islam Malaysia Bhd chief economist Firdaos Rosli pointed out that Malaysia’s total trade has been on a decline since mid-3Q22, and the trend continued to August 2023.
He added that the industrial production index in July came in low at 0.72% year-on-year , dragged by the fall in manufacturing IPI at negative 0.19%, while its manufacturing purchasing managers index continues to trend below the 50-point mark since September 2022.
The country’s efforts to enhance collaboration in green technologies with Japan and South Korea, aimed at addressing climate change, should be intensified to attract foreign direct investment, he said. “While the United States and the EU continue to battle raging inflation over the past 18 months or so, it is still far from over amid cost-push factors.“China, on the other hand, is battling the opposite side of inflationary pressures, which in turn puts a small and open country like Malaysia in a precarious situation,” he said.
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