KUALA LUMPUR, February 23 – The Ministry of Economy expects the country’s economy to be affected if the growth of Gross Domestic Product (GDP) continues to decline quarter to quarter in addition to the country facing increasingly challenging global economic pressure, said its minister, Rafizi Ramli. He said, although the country’s economy recorded growth from year to year, the country’s GDP growth recorded a decline for five consecutive quarters.
“Malaysia also needs to take into account the prospect of world economic growth slowing down this year. If the next quarter’s growth remains contracted and slower, of course next year’s growth will have an impact,” he said at the winding up session of the royal order for his ministry in the Dewan Rakyat on Wednesday. He also pointed out that the government’s financial situation also had an impact, especially when the level of debt now amounted to almost RM1.5 trillion.
Regarding the impact of Covid-19 on GDP growth, Rafizi said consecutive declines had never happened even during the peak of Covid-19. “During the Covid-19 pandemic, the first and second quarter recorded a decrease but it increased again in the third quarter,” he said in response to a question from Datuk Dr Mohd Radzi Md Jidin (PN- Putrajaya). Regarding the cost of living for the people, Rafizi said, the government will introduce the people’s income initiative this Sunday to reduce the people’s burden.
“We hope that the price of ready meals for the breakfast menu and the lunch menu can be lowered further. We will work with the participants in this program to provide more offers at a lower price. “That is what we mean when the market together with the government work together to lower prices without the need for subsidies. This allows demand and supply to lower the price of ready-made food for the people,” he said.
