Manufacturing Predicted to Boost the Country’s Economic Growth
Malaysia expects to see stronger industrial output growth within the second half of this year. The growth is expected to come from the support of the manufacturing sector.
The manufacturing sector is expected to grow due to the restart of the country’s economic activities. The outlook is looking optimistic, especially with the movement control order (MCO) gradually easing.
The global COVID-19 mass vaccination programme is improving external demands and contributing to industrial output growth. The outlook for the manufacturing sector remains favourable.
With all of this going on, more domestic activities will help to give the sector the boost it needs too. This is the ideal time for businesses to start thinking about incorporating a business in Malaysia once more.
It is projected that global demand is going to boost the manufacturing activity in Malaysia from the second quarter. Another significant driving force of the Malaysian economy is foreign direct investments (FDI). The speedy global migration of the 5G network will also play a role in offsetting the downsides and risks, particularly those from the electricity and mining sector.
It is anticipated that industrial production will continue providing an important counterweight to the services sector. While experts predict that the first quarter of 2021 will see a contraction in GDP, the manufacturing sector will very likely help to soften that blow.
Business in Malaysia
If you would like to start a business in Malaysia, this is the ideal time to start making your move. 3E Accounting will support your business growth with the help of our industry experts. For more information about our company incorporation services, contact the 3E Accounting team today.