Malaysia Pushes Domestic Spending to Spur Growth Amid Inflationary Pressures

Malaysian government urging state-owned and private companies to bring overseas funds back home and invest domestically to boost economy

Encouraging consumers to buy local goods and services and travel domestically

Malaysia facing issue of stagnant wage growth over the past decade

Further inflationary pressures expected from subsidy cuts and new taxes

Economists forecast 4.6% GDP growth this year within government's 4-5% target range, expect ringgit to strengthen by end-2022