At a press conference, Rafizi pointed out that global economic growth is expected to slow down in 2023.
“The macro economic climate is expected to moderate in 2023 which will affect the performance of the national economy.
“Economic growth for the global economy is expected to slow down to 2.9% in 2023, compared to 3.4% in 2022,” he said.
Malaysia recorded a gross domestic product (GDP) growth of 8.7% for 2022.
However, Rafizi said although the year-on-year growth reflected the country’s economic resilience, quarter-on-quarter growth provides a more detailed picture of the country’s economic performance.
He pointed out that Malaysia’s quarter-on-quarter growth showed a decrease from 3.8% in Q1 to 3.5% in Q2, 1.9% in Q3 and -2.6% in Q4.
Rafizi said the ministry’s focus moving forward was to address the rising cost of living and boost Malaysia’s income.
He also said these would be brought to the National Economic Action Council, which would be chaired by Prime Minister Anwar Ibrahim, in March.
“The ministry will also launch its income initiative programme on Feb 26 which aims to increase the people’s wages.
“Its first target will be the B40 families across the country,” he said.
Meanwhile, Rafizi said there were considerations that needed to be made regarding the suggestion for Petronas to be listed on Bursa Malaysia.
He said Petronas was the custodian of Malaysia’s hydrocarbon assets, adding that much of its remit is subject to the Petroleum Development Act (PDA) 1974.
“The listing of Petronas will need to be researched as best as possible. If there is a need (to list), it should not encroach on the PDA 1974,” he said.
Yesterday, Subang MP Wong Chen proposed that the government conduct a feasibility study for an initial public offering (IPO) for Petronas.
He said the listing of Petronas on Bursa Malaysia would provide a massive cash injection to pare down the national debt, ensure more financial transparency and better governance for the oil and gas company, as well as improve overall fiscal revenue for the government.
On a separate matter, the Pandan MP said the country would become a high income nation by 2026 if it continues to achieve growth rates above 4%.
He said achieving this depended on two factors, namely economic growth and exchange rate fluctuations.
“If annual growth surpasses more than 5%, Malaysia can even achieve this status within two years,” he said.