Malaysia Sees Rise in Business Confidence Indicator in the Fourth Quarter of 2023
The business environment in Malaysia is looking good as confidence surged by 3.2% in the last quarter of this year, as reported by DOSM. A stronger environment looks likely if this business confidence indicator is anything to go by.
Experts are predicting most of the improvement to come from the services, construction, and industry sectors. The services sector was the one that showed the strongest business confidence indicator, rising from 6.1% to 6.3%. The services sector is foreseeing a favourable business environment for the next 6 months.
First Upward Shift Since 2018
The construction sector’s positive outlook was the first upward shift since 2018. Since its upward trend in the latter half of this year, improvements have been continued and steady. The sector is projecting a net balance of 27.6% for the next 6 months.
On the other hand, the retail and wholesale sectors anticipate a negative outlook for the fourth quarter of 2023. Confidence in these sectors decreased from -3.6% to -1.5%.
Start Your Business in Malaysia
With business confidence growing and the positive trajectory seen across various sectors, this is a good indicator that it’s time to go ahead and start your business in Malaysia.
For more information about how to get started, contact 3E Accounting today.