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The Federation of Malaysian Manufacturers (FMM) has adjusted its economic outlook for 2024, citing subdued consumer spending amid rising inflation.
President Tan Sri Soh Thian Lai highlighted factors such as the increased service tax rate and subsidy rationalization program, which are expected to dampen private consumption.
Consequently, FMM anticipates Malaysia’s economic growth to hover at the lower end of the official forecast range of 4% to 5%.
Despite the cautious uutlook, FMM remains hopeful for an export-driven recovery, supported by indications of manufacturing activities rebounding.
Soh expressed optimism for a boost in exports and tourism in the latter half of 2024, driven by easing global monetary conditions. However, FMM warns of potential challenges, including tight monetary policies and geopolitical tensions, which could impede Malaysia’s economic recovery.
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