GEORGE TOWN, August 4 – Joshua Woo Sze Zeng, the DAP assemblyman for Pulau Tikus, has raised alarms about Penang’s economic performance amid a significant decline in the state’s GDP growth. According to data from the Department of Statistics, Penang’s GDP growth plummeted to 3.3% in 2023 from 13.3% in 2022, placing it fifth in Malaysia. This decrease, which is below the national average of 3.6%, is largely attributed to the global reduction in demand for electrical, electronic, and optical products, which has negatively impacted the state’s manufacturing sector.
Despite these challenges, Woo highlighted that the construction sector’s impressive 23.6% growth in 2023, spurred by major projects like the Silicon Island reclamation, has helped cushion the economic blow. The Silicon Island project alone has injected RM295 million into the local economy and created 373 jobs, with about half of the workforce being Bumiputra. Woo criticized anti-development groups for opposing such initiatives, asserting that their actions threaten the state’s economic growth and stability. He emphasized the need for ongoing economic diversification to bolster Penang’s resilience against global market forces.
