International Trade Minister Tengku Zafrul 'optimistic' Malaysia won't slide into recession

Malay Mail
Malay Mail

KUALA LUMPUR, Feb 6 — International Trade Minister Datuk Seri Tengku Zafrul Abdul Aziz is optimistic that Malaysia will not slide into recession even as growth is expected to slow down amid a volatile year.

“On the issue of recession, I am optimistic there will not be (one). The definition of a recession is two successive quarters of negative GDP (gross domestic product) growth,” English daily The Star quoted him as saying.

“Bank Negara, the International Monetary Fund, and the World Bank have projected Malaysia will continue achieving positive economic growth in the 3 to 5 per cent range. I don’t think we are going to face a recession.

“However, compared with the growth achieved in 2022, there will be some moderation. We need to take this opportunity to ensure all of our growth engines keep firing, especially in trade and investment,” he was reported saying.

Malaysia’s total trade last year surpassed the RM2 trillion mark for the second consecutive year at RM2.8 trillion with exports reaching RM1.6 trillion to exceed the 12th Malaysia Plan projections, Zafrul was quoted as saying.

He said imports reached nearly RM1.3 trillion.