Nation's economy expected to continue growing stronger this year - Mustapa

JELI: The country's economy is expected to grow further in the first quarter of 2022, surpassing that of the pre-pandemic level, taking into account various key economic indicators that show stronger recovery momentum, according to Minister in the Prime Minister's Department (Economy) Datuk Seri Mustapa Mohamed.

He said the country was estimated to grow between 5.5 per cent and 6.5 per cent this year in line with the growth forecast by the International Monetary Fund (IMF) of 6.0 per cent and the World Bank of 5.8 per cent.

"Among the key economic indicators showing recovery momentum are The Purchasing Manager Index (PMI) which crossed the threshold value level of 50.5 last month, the Reporting Index which rose 1.7 per cent in November 2021.

"Besides that, the Business Confidence Index (BCI) recorded 122 points in the fourth quarter of 2021 showing better economic growth prospects," he told reporters after officiating at the Bukit Bunga Bypass Project in Bukit Bunga here today.

Elaborating further, Mustapa, who is also the Member of Parliament for Jeli, said the labour market was also recovering, with the unemployment rate declining to 4.2 per cent in December last year.

"So far, a total of RM75.6 billion has been allocated to implement 6,755 development projects under the 12th Malaysia Plan, which is higher than the RM69 billion approved last year," he said.

-- BERNAMA