Research firm updates forecast for retail growth in Malaysia | World

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An exchange counter in Malaysia (Photo: AFP/VNA)

Kuala Lumpur (VNA) – MIDF Research revised its retail business growth forecast for Malaysia this year at 17.6%, up from the previous forecast of 10.5%, expecting stronger growth GDP growth in the second trimester.

The research firm said Malaysia’s consumer spending was growing strongly, as evidenced by retail sales growth of 19.1% year-on-year in the first half of 2022.

June retail sales rose 44% from the same period last year, the fastest pace in 14 months. It rose 26.3% year-on-year in the second quarter, compared to 8.6% in the first quarter.

MIDF search noted that domestic demand continued to remain on an upward trend thanks to the improvement in the labor market, the stability of inflationary pressure and the continued recovery of the national economy, including the reopening of borders international and special withdrawals from the Employees Provident Fund in April 2022.

“Looking ahead, the upbeat momentum in domestic demand is expected to continue in the second half of the year, particularly on the back of stable overall price growth and a lower unemployment rate,” he said. .

He estimates that pent-up demand will continue through the end of this year, supported by an improving labor market, stable inflationary pressure and the continued reopening of the domestic economy./.

ANV

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