KUALA LUMPUR: The International Trade and Industry Ministry (Miti) is projecting lower growth in the manufacturing and services sectors this year of 4.8% and 5.7% respectively for 2019.
International Trade and Industry Minister Datuk Darell Leiking (pix) said the lower projection is due to uncertainty caused by trade tensions that may affect exports numbers.
“Malaysia is also a manufacturing nation so obviously the exports have some issues. At the same time we’ve managed to overcome a lot of the challenges and while the figures may not be as high as last year, the consistency of the exports as well as the orders are still there despite all the challenges,“ he told reporters at the launch of the Miti Report 2018 and Productivity Report 2018/2019 today.
“There are a lot of contractions simply because it’s self-inflicted as well. A lot of people are deciding to make less orders, make less contracts simply because they are unsure of the current situation with the US and China, as well as where the trade diversions are happening today,“ he said.
In 2018, the manufacturing and services sectors grew 5% and 6.8% respectively. Total approved investments in the manufacturing, services and primary sectors amounted to RM201.7 billion last year.
Source: The Sun Daily