Malaysia's economy is on the right track for recovery in 2021, said Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.
Judging by the recent pick-up in economic performance, the minister said he was optimistic that the country's economy would rebound next year.
"Of course, the World Bank and the International Monetary Fund's (IMF) forecast for Malaysia's gross domestic product (GDP) in 2021 is very strong, between six and eight percent, but this is subject to how we Malaysia and the world address the COVID-19 health crisis.
"We are watching this closely, but I'm very optimistic after seeing the facts and figures that were presented before us, especially for June and July," he told reporters after his visit to Vitrox Technologies Sdn Bhd in Batu Kawan here today.
He said the unemployment rate's 0.4 percentage point decline to 4.9 per cent in June 2020 from a record-high of 5.3 per cent in May 2020 bodes well for the country's economy.
By comparison, in June 2020, the unemployment rate rose in the Philippines (17.7 per cent), India (11 per cent), United States (11.1 per cent) and China (5.7 per cent).
"Most European countries also recorded double digit unemployment rates, but for us, it is still under control," he said.
Commenting on the upcoming announcement by Bank Negara Malaysia (BNM) on the country's second quarter of 2020 (Q2 2020) GDP results next Friday, Tengku Zafrul said he expected the results to be affected by the implementation of Movement Control Order (MCO).
"Having said that, we are not alone as the COVID-19 is a global pandemic; more than 150 countries in the world will face an economic contraction in 2020," he said.
As for Q3 2020, Tengku Zafrul said the results would depend on how the country handles the pandemic.
"If we can sustain the growth, Q3 2020 should be better than Q2 2020, but Q4 2020 will also depend on how the global economy has improved, because, as you know, we are a very open economy and we are very much part of the global supply chain," he added.
-- BERNAMA
Bernama
Sat Aug 08 2020
TENGKU ZAFRUL: Most European countries also recorded double digit unemployment rates, but for us, it is still under control. - file pic
ISIS Malaysia's perspective of Budget 2025
An excellent rakyat-centric budget under the overarching principle of a caring and humane economy.
Budget 2025: Record increase in STR, SARA aid initiatives
The government will provide a significant boost to the Sumbangan Tunai Rahmah (STR) and Sumbangan Asas Rahmah (SARA) initiatives next year.
Budget 2025: EPF contributions to be made mandatory for foreign workers – PM Anwar
The government plans to make it compulsory for all non-citizen workers to contribute to the Employees Provident Fund (EPF).
What policies to expect from Indonesia's new President Prabowo
Prabowo will be open to foreign investment, his aide has said, such as by offering investors management of airports and sea ports.
Budget 2025: Govt allocates RM470 mil to empower women's participation in PMKS
The Women's Leadership Apprenticeship Program will be intensified as an effort to produce more female corporate personalities.
Israel sends more troops into north Gaza, deepens raid
Residents of Jabalia in northern Gaza said Israeli tanks had reached the heart of the camp, using heavy air and ground fire.
Indonesia ramps up security ahead of Prabowo's inauguration
Prabowo Subianto will be sworn in as Indonesia's president on Sunday with Vice President-elect, Gibran Rakabuming Raka, also taking office.
Immediate allocation of RM150 mil for local authorities, DID to tackle flash floods
Datuk Seri Anwar Ibrahim said this allocation is intended to address the recent flash floods that hit the capital and several major towns.
Budget 2025: Sabah, Sarawak to continue receiving among highest allocations - PM
Sabah and Sarawak continues to be prioritised under Budget 2025, with allocations of RM6.7 billion and RM5.9 billion respectively.
NFOF will be operational in November 2024 with funding of RM1 bil
PM Anwar Ibrahim said NFOF will support venture capital fund managers to invest in startup companies with RM300 million set aside for 2025.
Minimum wage to increase to RM1,700 effective Feb 1, 2025
The Progressive Wage Policy would be fully enforced next year with an allocation of RM200 million, benefiting 50,000 workers.
Bursa Malaysia ends higher on Budget 2025 optimism
The benchmark index, which opened 1.85 points higher at 1,643.29, moved between 1,641.71 and 1,649.31 throughout the trading session.
Five important aspects relating to people’s lives in Budget 2025 - PM
The focus is on driving the MADANI Economy, speeding reforms, cutting red tape, raising wages, and tackling the cost of living.
Economic outlook: Govt plans to leverage, expand existing city transit system
The expansion aims to provide a more efficient and reliable public transportation network, reduce congestion, and improve accessibility.
Economic outlook: Budget 2025 to lay foundation for a digital-driven economy
The report said Budget 2025 will entail efforts to position Kuala Lumpur as a top 20 global startup hub by 2030 through the KL20 initiative.
Economic outlook: Corruption and lack of accountability hinder economic progress
Special Cabinet Committee on National governance is established to curb corruption, law reforms to modernise outdate regulations, MoF said.
National Wages Consultative Council will be strengthened
The govt will also incentivise hiring women returning from career breaks, offer job matching and improve care services facilities.
Economic outlook: Ensuring 11 years of compulsory education for all children
Budget 2025 will continue prioritising upskilling and retraining initiatives to equip workers with the latest skill sets necessary.
Consolidated public sector projected to record lower surplus of RM41.7 bil 2024
The MoF said the consolidated general government revenue is estimated to increase slightly to RM384.7 billion in 2024.
PM announces substantial Budget 2025 hastening Malaysia to become Asian economic powerhouse
Datuk Seri Anwar Ibrahim said it would create jobs and also tackle financial leakages to enhance public spending efficiency.