KUALA LUMPUR, Feb 13 — Malaysia’s economy expanded more than some regional neighbours last year, Economic Affairs Minister Datuk Seri Mohamed Azmin Ali said when acknowledging the country’s lower gross domestic product growth.
Commenting on the 3.6 per cent fourth quarter GDP growth and 4.3 per cent full-year figure, he said was in line with the global economy that grappled with weak trade throughout 2019.
Azmin also stressed that the country’s foreign reserves remained strong, its domestic demand robust, while both inflation and unemployment also remained low.
The minister further acknowledged that 2020 will be challenging due to the coronavirus disease (Covid-19) hitting the region, but said the government was proactive in spurring the economy as a response.
“The economic stimulus package is being fine-tuned to support economic growth while simultaneously prioritising the public’s prosperity,” he said in a statement today.
The government has already implemented measures to mitigate rising costs even before the economic data was released, such as lowering toll rates and capping the retail prices of fuel, he noted.
Azmin added that the government will keep monitoring the economy to ensure that it continues expanding at a steady rate
On Tuesday, Bank Negara Malaysia announced the economy grew just 3.6 per cent in the final quarter of 2019, dragging the full-year figure to 4.3 per cent, the lowest since 2009 when the country was grappling with the global financial crisis.
