Governance efficiency, Keluarga Malaysia cooperation help spur economic recovery - PM

KUANTAN: The government's efficiency in governing the country as well as the cooperation of Keluarga Malaysia have allowed the country to come out of various crises including the COVID-19 pandemic and the geopolitical tensions to continue to focus on the recovery of the national economy, said Prime Minister Datuk Seri Ismail Sabri Yaakob.

As a result, in addition to emerging as one of the countries in Southeast Asia with the best economic performance after recording a Gross Domestic Product (GDP) of 8.9 per cent in the second quarter of this year, he said Malaysia has also been recognised as the 18th most peaceful country in the world out of 163 countries and second in Asia.

"The government also succeeded in returning the labour market to full employment. The unemployment rate in August 2022 which is 3.7 per cent is much lower than 4.6 per cent in August 2021," he said when launching the Pahang edition of Keluarga Malaysia Aspirations Tour (JAKM) here today.

The country's inflation rate of 4.5 per cent last month is lower than the 4.7 per cent in August and compared to other countries such as Thailand (6.4 per cent) and the Philippines (6.9 per cent) as well as the United States (8.2 per cent), he said.

He added that the East Coast Economic Region Development Council had successfully attracted investment worth RM5.3 billion to Pahang which would create more than 3,300 new job opportunities in the state this year.

To reduce the cost of living for Keluarga Malaysia, Ismail Sabri said the government had provided a subsidy allocation of RM77.7 billion, the largest subsidy bill in the country's history which includes subsidies for petrol, diesel and LPG amounting to RM41.7 billion.

Other subsidies are cooking oil in 1kg packets and bottles amounting to RM3 billion and electricity subsidy of RM5.8 billion as well as RM25.7 billion for other aid such as cash, education, and transport.

The Prime Minister also commented on Budget 2023, the largest budget in the country's history which he said would cover the needs of all levels of society and ensure that no Keluarga Malaysia is left behind.

In achieving this aspiration, he said RM1 billion was allocated to speed up the Keluarga Malaysia hardcore poverty eradication programme with the first phase in Pahang, involving eight localities and benefiting 178 heads of households.

-- BERNAMA