KUALA LUMPUR: Prime Minister Datuk Seri Anwar Ibrahim said Malaysia’s strong economic performance in the third quarter (3Q) of 2024 reflects both business and consumer confidence in the Malaysian economy and the government’s economic management. The Ministry of Finance (MOF) in a statement today noted that the 5.3 per cent gross domestic product (GDP) growth recorded...
Malaysia’s sovereign bonds and currency are poised to rebound on robust economic indicators and expectations for fiscal discipline in the upcoming budget, investors said. Prime Minister Datuk Seri Anwar Ibrahim’s spending plan, which is set to be released Friday, will likely show a lower budget deficit ratio of 3.9% from its 2024 target of 4.3%, and...
KUALA LUMPUR: Malaysia is expected to maintain its economic growth forecast of 4.8% this year, mainly driven by consumer spending, according to Standard Chartered Bank Malaysia Bhd (StanChart). "We see consumer spending moderating as labour-market conditions soften but expect it to remain the primary driver," said StanChart economist Jonathan Koh and chief economist Edward Lee in...
KUALA LUMPUR: The ringgit opened lower against the greenback as traders adopted a cautious stance and adjusted their positions due to anticipated pre-announcement volatility ahead of Malaysia’s second quarter (2Q) 2024 gross domestic product (GDP) data today. At 8.02 am, the ringgit depreciated to 4.4515/4720 against the US dollar from yesterday’s close of 4.4350/4405. Bank Muamalat Malaysia...
KUALA LUMPUR: The ringgit pared last week’s gains to close lower against the US dollar today due to profit-taking, an analyst said. At 6 pm, the ringgit slid to 4.4500/4580 versus the greenback from Friday's close of 4.4200/4280. Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid said the local note is currently in an...
KUALA LUMPUR: The ringgit rebounded to open slightly higher against the US dollar on positive sentiment ahead of the release of Malaysia’s advance second quarter of 2024 (2Q 2024) gross domestic product (GDP) estimates today. The Department of Statistics Malaysia (DoSM) is scheduled to release the 2Q 2024 GDP estimate data in the afternoon. At 8 am,...
PETALING JAYA: Malaysia may have been ranked as the second worst in the world for work-life balance, but the rating was possibly dragged down by two of the nine metrics used, says an employment legal practitioner. Chia Swee Yik said the minimum wage (about US$1) and LGBTQ+ inclusivity (score 15) seem to have affected Malaysia’s ranking. Commenting...
PETALING JAYA: The Cabinet has agreed to rationalise diesel subsidies, says Prime Minister Datuk Seri Anwar Ibrahim. Anwar said this would begin with targeted diesel subsidies in the peninsula first, and later for Sabah and Sarawak. "Almost all families in Sabah and Sarawak use diesel for transportation every day. So, we will postpone this move there," he...
KUALA LUMPUR: The seasonally adjusted S&P Global Malaysia manufacturing purchasing managers’ index (PMI) rose to 49.0 in April from 48.4 in March, indicating a softer downturn in the country's manufacturing sector. "The latest PMI data suggests that GDP growth is running at a slightly improved rate than that seen at the end of 2023, as well...
KUALA LUMPUR: The ringgit opened lower against the US dollar on Friday as the latest US gross domestic product (GDP) figures showed that the US economy grew by 2.5 percent in 2023, a significant improvement from the 1.9 per cent growth recorded in 2022, thus increasing demand for the US dollar. At 9:05 am, the ringgit...
