KUALA LUMPUR –The 2019 second quarter (Q2) economic and financial developments report issued by Bank Negara Malaysia (BNM) shows that the government did not contribute to the national economic growth at all.
According to Datuk Seri Mohamad Hasan, the private sector expenditure has contributed to the 4.4 percent growth of national economy during the Q2 2019.
This also means that the private expenditure has contributed to 90 percent of the total national growth of 4.9 percent during Q2 this year.
The private sector investment on the other hand grew 0.4 percent or 8.2 percent from the total economic growth.
The total nett export (minus the import) contributed 1.4 percent, or 29 percent from the total national economic growth.
The Deputy President of UMNO said that in other words, the Malaysians have rescued the national economy during the second quarter of 2019.
“The government did not contribute at all. It shrank 0.5% from the total national economic growth between April and June this year,” he said in a Facebook post.
Mohamad further emphasized that it is extremely risky to depend on the consumers expenditure as the source for national economic growth.
The people may reduce their expenditure due to the rising cost of living, poor sentiments or they may play caution.
“Therefore, there is nothing to be proud about the 4.9 percent of economic growth as being shared by the Finance Minister,” he said. – MalaysiaGazette