'There is good news and bad news but we only take the positive, right?'
The Governor of Bank Negara Malaysia (BNM), Tan Sri Nor Shamsiah Mohd Yunus rejected the risk of recession by 2023 but gave an impression of the global economic climate pressure will make it difficult for the country's growth.
The basis he presented by outlining supply chain problems, geopolitical tensions and market uncertainty will be the country's main challenges in witnessing positive growth.
In support of that point, Tan Sri Nor Shamsiah also cited that the still high domestic inflation rate will cause changes in consumer purchasing power patterns and investment activities in the country.
He commented that the country's prospects next year are full of challenges with external factors such as weak global economic growth.
Even so, he stressed that Malaysia is not expected to experience a recession in 2023 with growth expected to grow from 3% to 5% as a result of domestic demand support in the private sector due to job recovery.
In addition, the diversification of Malaysia's export structure is expected to cope with the pressure of the recession.
He commented that inflation is forecast to moderate at 3.3% after showing signs of easing from its previous 3-quarter high.
