The rushing of orders due to previous temporary shutdowns has boosted exports, as external demand remains very strong for Malaysia, given Malaysia’s varied mix of exports including electronics, commodities and rubber gloves which continue to see good demand, says Abrar A. Anwar, MD and CEO of Standard Chartered Malaysia to Business Today.
“Key growth sectors on our watchlist are electrical and electronics (E&E), healthcare, automotive and e-commerce,” he states.
Malaysia was on a positive recovery track earlier in the year but was pulled back due to the necessary restrictions imposed to manage an infection resurgence that affected not only Malaysia but the region.
“Presently, with the high vaccination status giving more confidence of a sustained reopening of the economy and mobility restrictions easing across all states, we are confident that economic activities bouncing back,” he says.
He adds that an effective roll-out of the 12th Malaysia Plan that will further boost economic growth and strengthen growth catalysts for Malaysia.
The implementation of the National Recovery Plan has placed Malaysia on the path to recovery in restoring consumer confidence while allowing the economy to open safely.