Nor Shamsiah said household spending will be an important catalyst for domestic demand and is projected to expand at a moderate pace of 6.1% this year.
“This will be underpinned by continued income growth with support from government policy measures such as a higher minimum wage for small firms, expansion of overtime pay eligibility and direct cash assistance,” she said at a media briefing yesterday.
“Higher tourism activity is projected to lift growth in high touch services sub-sectors which were more impacted during the pandemic. Going forward, banks’ continued willingness to lend is expected to support credit demand and financing conditions in the economy, she added. Meanwhile, both headline and core inflation are projected to gradually trend lower over the course of the year, but will remain elevated compared to the historical average.
Disruptions to global commodity production and exchange rate developments could keep input costs on an uptrend. On this note, Nor Shamsiah said monetary policy will focus on ensuring price stability in support of sustainable domestic economic growth and further monetary normalisation will be informed by evolving global and domestic conditions.
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