HSBC’s latest business balancing act survey noted this figure is in line with the global average across 14 markets. The survey revealed that three in 10 Malaysian MMEs (30%) are expecting sales to grow by 15% to 20%, while a quarter (25%) are even more positive and are expecting sales to grow by more than 20%.

The survey found that the key engines of growth for MMEs are the introduction of new products and services, leveraging on technology to drive efficiencies and expanding into new markets.

“Despite the headwinds and challenges, it is encouraging to see that many MMEs are resilient and positive about their business prospects as they zero in on growth in 2023,” said HSBC Malaysia head of commercial banking Karel Doshi.

The survey polled a total of 171 CEOs and CFOs from rising and established Malaysian MMEs with an annual turnover of between US$10 million (RM47.07 million) and US$500 million (RM2.35 billion). A majority of these MMEs are from the manufacturing, retail, digital and financial services sectors.