Better economy won’t lower cost of living, say experts

MALAYSIA’S economy is heading in the right direction but this will not alleviate the high cost of living, economists said.

The Statistics Department said that Malaysia’s GDP will expand by 5.8% in the second quarter of 2024, which the economists said was a positive sign for the economy.

Chief statistician Datuk Seri Mohd Uzir Mahidin said the estimated growth for the second quarter was in line with the latest indicators such as the industrial production index, which rose 6.1% and 2.4% in April and May 2024 respectively, compared to the previous year.

The Statistics Department said the GDP is estimated to have increased by 5% in the first half of 2024, compared to 4.1% in the same period last year.

Prof Barjoyai Bardai, however, said the people would still have to endure a high cost of living. – July 24, 2024.