More civil servant spending aids recovery

Kota Kinabalu: Malaysia’s economy will continue to improve at a gradual pace if the bulk of the country’s civil servants spend and support the local retail sector’s boom ensuring more employment opportunities as more businesses start and expand, as in 2020 many government staff could not travel overseas for shopping.

Economists like AmBank Group chief economist Dr Anthony Dass (pic) noted that the improved third quarter gross domestic product (GDP) performance, reflected by a smaller contraction, was partly due to the relaxation of restrictive health measures to contain the spread of Covid-19 and thus enabling consumers to shop and spend boosting the retail sector, suffering a slump without foreign tourists.

“The labour market is benefiting from business activities in the third quarter of 2020. The unemployment rate in September eased to 4.6 per cent from 4.7 per cent in August – the lowest in five months,” Dr Dass revealed.

ADVERTISEMENT


ADVERTISEMENT

Login to read the full article here.