,Malaysia is one of the world's top producers of palm oil, accounting for more than 25% of the global output in 2020. – The Malaysian Insight file pic, June 29, 2022.

THE Malaysian economy is on track to recover as signalled by the country’s macroeconomic performance in April amid global uncertainties, the chief statistician said.

Mohd Uzir Mahidin said more than two years after an unprecedented global health crisis that altered the world’s socioeconomic landscape, nations have started the recovery process with extensive exit strategy activities to boost economic viability and public health.

“While the public has started to adjust to endemicity, a new threat comes in the form of supply chain disruptions due to the ongoing geopolitical tension between Russia and Ukraine; uncertain weather conditions; and escalating demand following the easing of health restrictions in most countries,” he said in a statement today.

Noting Malaysia’s macroeconomic performance in April, he said Malaysia is blessed with natural resources such as petroleum and oil palms. 

“As a net commodity exporter, this country also benefits from higher commodity prices resulting in Malaysia’s total trade chalking up a double-digit annual growth of 21.3% to RM231.4 billion,” he said. 

Exports rose 20.7% to RM127.5 billion while imports went up 22% to RM103.9 billion.

The trade balance rose 15.7% and continued to remain in surplus at RM23.5 billion.

Malaysia’s trade performance in May remained resilient, recording the fastest growth since November 2021, with total trade surpassing RM1 trillion, he said.

Going forward, Malaysia is expected to maintain a better economic recovery in the upcoming months.

“The Leading Index (LI) for April recorded 110.8 points with an improved negative growth of 0.5% year-on-year compared to negative 1.4% in March 2022.

“It is hoped that the economic recovery remains in sight with a better trend amid global uncertainty,” he said. 

He said S&P Global Ratings recently revised Malaysia’s long-term sovereign credit ratings outlook to “stable” from “negative” as it believed Malaysia was on a strong path to economic recovery compared to other countries with similar income levels. – Bernama, June 29, 2022.

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