The Retail Group Malaysia projects an annual growth rate of 4% for the retail industry in 2024. The rising cost of living is identified as the biggest challenge for the industry. Retail sales growth in 2023 was below expectations.
The Retail Group Malaysia has projected an annual growth rate in retail sales of 4 per cent for this year, a hike of a 0.5 per cent point from the projection made in November last year. According to the Malaysia Retail Industry Report released in March, the biggest challenge for the Malaysia n retail industry is the rising cost of living . In comparison, the retail industry recorded a growth rate of 2.
2 per cent for 2023, which was below market expectations as the projection by Retail Group Malaysia in November was 2.8 per cent. It said the retail industry contracted in the last quarter of 2023 by 0.2 per cent while retail prices, including food prices, continued to rise
Malaysia Retail Industry Cost Of Living Growth Rate Projection
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