PM optimistic about Malaysia’s economic recovery

PETALING JAYA: Prime Minister Muhyiddin Yassin expressed optimism today in the economy’s ability to recover from the impact of the Covid-19 pandemic, saying Malaysia is on track to bounce back.

He said economic indicators showed that many sectors had recorded quick recoveries since reopening, while exports and industrial production have also been on the rise.

He added that wholesale and retail trade sales notched a 21.8% growth in June, with the sale of motor vehicles rising by 78.9%.

“With these early signs of recovery, the country’s economy is expected to gradually recover in the second half of 2020 and, God willing, to record a strong GDP recovery of between 5.5% and 8% in 2021.

“Although there is more that we need to do to rebuild the economy, I am confident that, with a strong spirit and determination, we will be able to manage the economic problems following the spread of the Covid-19 virus,” he said in a speech to launch Malaysia’s first digital sukuk today.

The RM500 million Sukuk Prihatin, one of the measures under the Penjana national economic recovery plan, will be channelled to a number of initiatives.

This includes increasing connectivity for rural schools, accommodating research grants for infectious diseases, and financing micro, small and medium-sized enterprises, especially for women entrepreneurs.

The government previously said the issuance of the shariah-compliant sukuk was the result of requests from various parties to assist in the country’s recovery efforts from Covid-19.