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Economic growth hit 4.2 per cent in Q1 2024, outpacing projections: Anwar

Publish date: Wed, 22 May 2024, 09:00 AM

KUALA LUMPUR: In the first quarter of 2024, the nation's economic growth surged by 4.2 per cent, exceeding the forecast of most parties which projected 3.9 per cent growth, said Prime Minister Datuk Seri Anwar Ibrahim today.

He said in a situation of uncertain global economy, almost all sectors have shown growth.

"The labour market grew by 2.1 per cent, resulting in a total workforce increase to 16.4 million. Meanwhile, the inflation remained low at 1.7 per cent compared to 1.6 per cent in the fourth quarter of 2023.

"As of the first four months of 2024, Malaysia's trade volume grew by 8.3 per cent to RM912.27 billion, with a trade surplus of RM41.83 billion.

"The FBM KLCI index surpassed 1,600 points and the domestic equity market value reached a record RM2 trillion," he said in a special address tonight.

Anwar added that the foreign investments record this year was expected to soar further with the participation of countries such as Saudi Arabia, Qatar, and the United Arab Emirates (UAE).

He said as of March this year, Malaysia recorded potential foreign investments at RM76.1 billion.

"This includes from Australia with RM24.5 billion and from Germany and France with RM46 billion. The record for this year will certainly soar even further with the participation of Saudi Arabia, UAE, and Qatar."

In his address, Anwar also said that the government was seriously formulating the Progressive Wage Policy involving the private sector to help increase the people's income.

"Many young people and graduates often inquire about their fate regarding this matter. (And) we are seriously formulating the Progressive Wage Policy involving the private sector because of this.

"The public sector salary review will send a clear message to the private sector to achieve high profits but not at the expense of the workers, whether at the lower or professional levels," he said.

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