A majority of businesses in Malaysia anticipate retaining their employees in Q3 2023, according to a report by the Department of Statistics Malaysia (DOSM). The report also found that businesses are optimistic about the overall business situation in the quarter, with a confidence indicator of 0.7%.
The positive business sentiment is being driven by the services and industry sectors. The services sector, which accounts for the largest share of the Malaysian economy, is optimistic about the business outlook due to the continued growth of the information and communication technology (ICT) and financial services sub-sectors. The industry sector is also optimistic about the business outlook, as the manufacturing and construction sub-sectors are recovering.
The wholesale & retail trade sector and the construction sector are also turning optimistic about the business situation for H2 2023. The wholesale & retail trade sector is turning optimistic due to the improvement in consumer sentiment, while the construction sector is turning optimistic due to the increase in government spending on infrastructure projects.
Overall, the report suggests that the Malaysian economy is expected to improve in Q3 2023, with positive business sentiment across all sectors. This is good news for job seekers and businesses alike, as it indicates that the economy is on the right track.
In addition to the factors mentioned in the report, there are other factors that could contribute to the improved business conditions in Q3 2023. These include the easing of COVID-19 restrictions, the recovery of the tourism sector, and the continued growth of the digital economy.
The positive business sentiment is a welcome development for Malaysia, as it could help to boost economic growth and create jobs. Businesses are being encouraged to take advantage of the positive business environment by investing and expanding their operations.
The government is also playing a role in supporting the business sector. The government has introduced a number of measures to boost economic growth, such as tax incentives and infrastructure spending. These measures are expected to further support the positive business sentiment in the coming months.