Tan Sri Azman Hashim
President
MASSA 

Global growth is expected to fall from 3.4 percent in 2022 to 2.9 percent this year, before rising to 3.1 percent in 2024. The outlook remains challenging as most economies are focusing on reigning in inflation.

The rise in central bank rates to combat inflation, a boost from pent-up demand in numerous economies and the reopening of China is expected to lead to positive spillovers for the global economy. However, we should remain cautiously optimistic as the ongoing Russia-Ukraine war continue to weigh on the global economy.

Malaysia in 2022 saw strong GDP growth of 8.7%, with Q4 2022 posting a growth of 7 percent, underscoring the encouraging consumer, business and investor confidence in the Malaysian economy. 2022’s growth was the highest recorded within 22 years, with the year 2000 recording our previous high of 8.9%.

Malaysia also saw its total trade achieve a new milestone of RM2.8 trillion, a record unbeaten since 1994. Exports grew 25% from 2021 to RM1.6 trillion, while imports increased to 31.3% compared to the previous year at RM1.3 trillion. Malaysia’s trade surplus reached an all-time high at RM255.1 billion, a surplus for the 25th consecutive year since 1998.

Moving forward into 2023, expectations should be tempered as the newly-elected Government helmed by YAB Dato’ Seri Anwar Ibrahim anticipates the economy to moderate to a growth of about 4.5%. The Government is working toward reducing its debt and liabilities whilst safeguarding the wellbeing of its citizens and solidifying a sustainable fiscal position.

MASSA remains committed towards its role to support our Government in its efforts. MASSA will continue to endeavour in its engagements and collaborative efforts with Government agencies, fellow business associations, both old and new, and most importantly, with our South-South developing country partners towards raising awareness and building business preparedness for incoming trends, changes and especially, opportunities for its membership and stakeholders. I do encourage members to actively participate in the value-added events organised by MASSA and to deliberate their resulting opportunities.

I appreciate the continuing support and cooperation of all members, especially my fellow Executive Committee members with your attendance and participation at our regular meetings and your generous contributions.

I also wish to thank all our supporters who have contributed valuable and insightful articles, and our sponsors of our Newsletters for 2022.

I wish everyone a happy, healthy and successful 2023.

Best wishes for a ‘Selamat Hari Raya’.

Tan Sri Azman Hashim
President
4 April 2023