Malaysian retailers report 20% decline in Ramadan sales
Meanwhile, Malaysian consumer sentiment dropped to the lowest seen in six years, according to data from the Malaysian Institute of Economic Research. The drop in sentiment was attributed to the government’s decision to end petrol subsidies last December as well as the recent implementation of a new goods and services tax (GST).
In the first quarter, Malaysia’s economy expanded 5.6% to rank as the fastest growing country in Southeast Asia. The government targets a growth rate ranging between 4.5-5.5% this year although weak consumer spending and lower oil, gas and manufacturing exports are casting doubt about the feasibility of these growth targets.
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