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Malaysia’s economy stabilises in Q4 2021, gains momentum in 2022

The deployment of 5G will drive the economy and innovation in the country this year

Though the Malaysian population is 78.8 percent fully vaccinated, the government is still not ready to end quarantine restrictions for vaccinated travelers. f11photo/Shutterstock

According to the Department of Statistics, Malaysia’s economy rebounded 3.6 percent by Q4 2021. 

The Sun Daily also reported that overall, Malaysia’s economic performance in 2021 revealed a recovery momentum with a growth of 3.1 percent, compared to a decline of 5.6 percent in 2020.

According to Datuk Seri Mohd Uzir Mahidin, chief statistician, the supply side of the economy in Q4 2021 was primarily driven by the manufacturing, services, and agriculture sectors.

New Straits Times mentioned that the deployment of 5G will drive the economy and innovation in the country this year.

More: Malaysia’s industrial and residential sectors expected to thrive in 2022

Digital Nasional Bhd (DNB) has selected Ericsson to design and roll out its national 5G system. Malaysia is expected to have 12.7 million 5G connections and 43.1 million 4G LTE subscriptions in 2025, according to an IDC White Paper commissioned by the organization.

“The White Paper was commissioned as part of our 5G study on Malaysia to see how Malaysians, investors, and industries could be empowered to reach their full potential with a network that is reliable, robust, energy-efficient and secure,” said David Hagerbro, head of Ericsson Malaysia, Sri Lanka and Bangladesh. He added that “Ericsson now looks forward to working with DNB to deliver a world-class 5G network for Malaysia and accelerate the digital transformation for Malaysian consumers and enterprises,”

Despite Malaysia’s economic growth, however, the one thing holding them back from reopening the country is the fear of a viral resurgence. Though the Malaysian population is 78.8 percent fully vaccinated, the government is still not ready to end quarantine restrictions for vaccinated travelers, and this stance is hindering foreign investment, according to Asia Times.

Prime Minister Ismail Sabri Yaakob realized that lockdowns previously crippled the economy, and so he stated that the economic and industrial sectors will remain open even if they were to experience a surge in COVID-19 cases.

Today, 41.7 percent of the population has been boosted.

The Property Report editors wrote this article. For more information, email: [email protected].

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