PUTRAJAYA: Malaysia has outperformed Singapore in the second quarter this year by recording a Gross Domestic Product (GDP) growth of 4.9% year-on-year (y-o-y), from 4.5% in the previous quarter.
Deputy Domestic Trade and Consumer Affairs Minister Chong Chieng Jen today said it was Malaysia’s highest growth in five quarters despite the ongoing trade war between the US and China. Singapore’s economy grew by a meagre 0.1% y-o-y in the second quarter.
“Regardless of the anticipated slowdown in the global economy, we have outperformed our neighbouring country Singapore, which suffered a negative growth during second quarter this year,“ said Chong, who is also a Sarawak Pakatan Harapan (PH) chairman.
He said the increase in investor confidence as well as the government’s focus on economic measures contributed to the government’s GDP achievement, attributed to the change in government with a clean and transparent rule.
“After having proven to be successful in the general policy and direction of the PH government, we will continue to work hard and stay focused with these general economic policies and good governance,“ Chong said at a press conference at the National Art Competition.
He pointed out the people might not feel the after-effects of steady GDP growth immediately, adding it would take several months before becoming tangible to the masses.
Meanwhile, Chong said his ministry would investigate claims of approved permits (APs) being abused and sold online.
He said the Malaysia Competition Commission (MyCC) revealed in a report that APs for cabbage had been misused.
“One of our agencies under my ministry, MyCC, has already conducted a few studies on the supply of several products, which included beef and cabbage,“ Chong said.
“The holders did not really import the cabbage. Instead they have now given the APs to someone else to import, and this is what we call ransacking.
“You get some commission out of some APs, which would translate to higher prices for consumers. MyCC has also recommended to review the policies in issuing APs and also to review the AP holders.”
