KUALA LUMPUR, November 17 – Malaysia’s Economy Minister, Rafizi Ramli, expressed optimism that the country’s gross domestic product (GDP) for the third quarter of 2023 (3Q 2023) will surpass the previous quarter’s performance. Despite facing challenges in the global economy, Rafizi anticipates a third consecutive quarter-on-quarter (q-o-q) growth, a trend not observed in the past three to four years.
He attributed the lower GDP in the second quarter of 2023 (2Q 2023) to a decline in electrical and electronic (E&E) exports, but he expects the E&E sector to show improvement globally, leading to better export performance in 2024. Rafizi emphasized the need to address structural issues, including high debt levels, fiscal challenges, and labor market reforms, to position Malaysia favorably when the global economy picks up in the second half of 2024. The minister made these comments during the launch of the “RM1 Thirst Quenching Campaign,” a collaboration between the Economy Ministry and Atlas Vending Sdn Bhd.
This initiative, part of the government’s People’s Income Initiative (IPR), introduces RM1 drink vending machines, offering affordable beverage options like Pepsi Black, bottled mineral water, and Revive Isotonic. The RM1 Thirst Quenching Campaign is aligned with the government’s goal of providing affordable options to low-income groups. Santharuban Thurai Sundaram, CEO of Etika Group, expressed the belief that small steps, such as this initiative, can contribute to significant positive changes within communities.
