BNM Kuching office holds economic, outlook briefings

KUCHING: In conjunction with the release of the Bank Negara Malaysia ( BNM) Annual Report 2016, two briefings for business entities, public sector agencies and financial institutions were conducted on March 27 and March 28 at its regional office here.

Led by Assistant Governor Norzila Abdul Aziz, the briefings focused on current economic developments in Malaysia as well as the outlook on domestic and global economic growth in 2017, a press statement

The Malaysian economy continued to be one of the fastest growing economies in the region, expanding by 4.2 per cent in 2016. It is projected to register a higher growth of 4.3 per cent to 4.8 per cent in 2017, supported by gradual improvements in both global and domestic economic growth.

Private sector spending will be supported by continued expansion in private consumption and private investment. Public sector expenditure is projected to grow at a modest pace, but remains supportive of growth. Headline inflation is expected to increase in 2017 to three to four per cent, mainly due to the increase in fuel prices as a result of higher global oil prices.

In Sarawak, there are vast opportunities for the services sector, which typically generates more high- skilled and high-income jobs. It is equally important to diversify into non- commodity based manufacturing, and to continually develop infrastructure and talent. Discussions with industry participants broadly encompassed issues on access to financing, measures to improve productivity and the ringgit exchange rate.

In addition to the briefings in Sarawak, similar briefings were also held at other regional offices in Sabah, Penang and Johor. This is part of BNM’s wider efforts to directly engage with industry players in the respective regions.

Apart from such briefings, BNM’s regional offices also conduct financial outreach programmes at underserved areas to raise public awareness on basic financial products, financial scams and consumer redress.

For more information or advice on financial matters, the public can contact the BNM Kuching Regional Office at 082224200 / 1300-88-5465 or email to bnmtelelink@ bnm.gov.my.