A Bank Negara Malaysia report said private sector spending is seen as a growth driving factor for the country’s economy.
Looking from the demand side, private sector spending is seen as a factor that would continue to drive growth, and with the lapse of one-off factors in 2018, private consumption growth is expected to moderate but remain firm. This is in line with the government’s continued commitment to rationalise non-critical spending without affecting public service delivery and to increase efficiency through cost reduction in the public sector.
“To add, E&E firms which had large stock drawdown towards the end of 2018 in anticipation of weak demand, are less likely to have another significant drawdown in their inventories,” BNM said. The central bank reiterated that policy measures such as the price ceiling on retail fuel prices, minimum wage adjustment and targeted cash transfers will lend further support to household expenditure.
As for global economic growth, the current year’s global economy is projected to moderate towards its long-term trend, characterised by slower growth in both advanced and major emerging economies.
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