Putrajaya: Malaysia’s Economic Recovery Will Be Led By Services And Manufacturing Sector

Putrajaya expects the Malaysian economic position to improve this year, in line with a global recovery. 

Tan Sri Muhyiddin Yassin today said his Government will prioritise the digitisation agenda in line with the growth of new sources of wealth and the transformation of the national economy in knowledge-based activities and innovation.

“The government will focus on empowering the digital economy and by 2025, the digital economy is expected to contribute 22.6 percent to the country’s Gross Domestic Product (GDP). The country’s economic recovery will be led by the services and manufacturing sectors, which accounts for more than 80% of gross domestic product (GDP).” 

“In addition, the Government through the Ministries and related agencies have worked with key communications service providers to develop a comprehensive digital infrastructure plan to meet the new needs of the people,” he said during his speech at the Dewan Perdana A Intenational Conference Center, Putrajaya.

In the meantime, Finance Minister Tengku Datuk Zafrul Abdul Aziz said the MCO 2.0 allowed more economic sectors to operate than the previous one to balance the health aspects of the people and the current economic pressures.

Tengku Zafrul said although Malaysia experienced a contraction in GDP of 5.6 percent in 2020, this figure was better than the initial projections by international organisations such as the International Monetary Fund (-5.8%), the World Bank (-5.8%) and the Asian Development Bank (-6.0%).

“Malaysia’s performance was better compared to regional peers such as Thailand (-6.1%) and the Philippines (-9.5%) and other countries such as the United Kingdom (-9.9%).Although Malaysia experienced a contraction in gross domestic product (GDP) of 5.6% in 2020.”

“This figure was better than the initial projections by international organisations such as the International Monetary Fund (-5.8%), the World Bank (-5.8%) and the Asian Development Bank (-6.0%), he said. 

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