KUALA LUMPUR (June 13): More than two thirds of Malaysians believe that the country is in recession even as the economy has continued to expand, according to results from an Ipsos survey.

Further, one out of three Malaysians felt that their inflation crisis is worse than in other countries, impacting their personal financial management, Ipsos said in a statement. Half of Malaysians claim they are just getting by financially, according to the pollster.

“There is a clear disparity between Malaysians' perception of the economic situation and the economic growth data,” Ipsos said. “It is important for the Malaysian public to have regular, clearer, and more accurate information communicated to them to ease their concerns about their own financial well-being and the nation’s.”

The survey was conducted among over 500 adults aged above 18 years old in Malaysia between March and April this year.

Malaysia’s economy expanded 3.7% in 2023 and 4.2% year-on-year in the first three months of 2024. The government expects the economy to grow 4-5% this year. Inflation meanwhile was 2.5% in 2023, and have remained steady at 1.8% for three straight months till April, according to latest available data.

Malaysians “feel more financial pressure” as compared to their Southeast Asian peers, Ipsos said. Only 26% of Malaysians claimed that they are living comfortably compared to 39% in Indonesia and 45% in Singapore.

In contrast, Southeast Asian citizens have a more realistic view of their countries' economic situations, Ipsos’ Arun Menon and Atticus Poon said in the report.

Singaporeans and Indonesians are less likely to state that their country is in recession. Only 50% of Indonesians and 32% of Singaporeans believe their home countries are in economic recession.

“A majority in Singapore and Indonesia feel that their inflation crisis is getting better, and they can manage their finances more comfortably,” Ipsos said. “Perceptions of recession are also lower in these countries.”

Nevertheless, 45% of Malaysians surveyed expect the inflation to normalise between 2024 and 2025, Ipsos added.