[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-detail-110559-en":3,"doc-seo-110559-105":31,"detail-sidebar-cat-0-en-105":91},{"code":4,"msg":5,"data":6},0,"success",{"doc_id":7,"user_id":8,"nickname":9,"user_avatar":10,"doc_module":4,"category_id":11,"category_name":12,"doc_title":13,"doc_description":14,"doc_content":15,"file_id":16,"file_url":17,"file_type":18,"file_size":19,"view_count":20,"is_deleted":4,"is_public":21,"is_downloadable":21,"audit_status":21,"page_count":22,"language":23,"language_code":24,"site_id":25,"html_lang":24,"table_of_contents":26,"faqs":27,"seo_title":28,"seo_description":14,"update_tm":29,"read_time":30},110559,1099514068035,"Ezra","https://ap-avatar.wpscdn.com/davatar_276721f389ce27ea32af1340a28f341c",8,"Research & Report","WBG Governor's Statement No. 7 - October 14, 2022 - Statement by the Hon. Asri Hamidon, Alternate Governor for Malaysia","WBG Governor's Statement No. 7 dated October 14, 2022 outlines the global and Malaysian economic outlook amid persistent inflation, supply-chain disruptions, and heightened uncertainty from food and fuel price pressures. It summarizes projections for 2023 growth across advanced economies and EMDEs, and highlights ASEAN-5 performance. The statement details Malaysia’s domestic momentum, rising inflation driven by food costs, targeted social assistance measures, climate resilience efforts, and sustainable financing initiatives such as green Sukuk and social impact Sukuk. It concludes with forward-looking reforms and the role of the World Bank Group and IMF.","Public Disclosure Authorized Public Disclosure Authorized  \nWBG Governor's Statement No. 7  \nOctober 14, 2022  \nStatement by the Hon. ASRI HAMIDON, Alternate Governor of the Bank for MALAYSIA  \nStatement by the Hon. Asri Hamidon,  \nAlternate Governor of the Bank for Malaysia  \nGlobal Economy  \n1. Uncertainties surrounding the continuing inflationary pressure and global supply chain disruptions will moderate global economic growth. The global economy is projected to grow moderately by 2.9% in 2023. Growth in advanced economies is expected to moderate at 1.4% while Emerging Markets and Developing Economies (EMDEs) is projected to record 3.9% in 2023, supported by increased private consumption and exports.  \n2. The GDP of ASEAN-5 is anticipated to record 5 . 1%, sustained by further improvement in domestic consumption and private investment. ASEAN is also expected to continue benefitting from both China and India’s growth attributed to strong domestic demand.  \n3. Countries around the world are facing challenges surrounding a hike in food and fuel prices when the economy is in the midst of recovery from the impact of the COVID- 19 pandemic. Compounded by the issues of climate change and further uncertainties concerning the geopolitical conflicts, supply chain disruptions as well as the looming threat of COVID-19, the economy is anticipated to be more challenging for the government to manage.  \nPolicy Responses in Malaysia  \nMalaysia’s Economy  \n4. The Malaysian economy remains robust amid the global uncertainties. The real GDP is expected to grow 6.5% - 7.0% in 2022. In line with the softening global outlook, Malaysian economy is expected to grow between 4.0% and 5.0% in 2023, underpinned by strong economic fundamentals and further improvement in employment prospects. Meanwhile, sustained consumer and business confidence as well as continuous policy support for the vulnerable, are projected to stimulate domestic demand. On the supply side, the growth in manufacturing and services sectors is projected to support the economy. However, as an open economy, Malaysia is not spared from the challenges particularly in terms of high inflation and climate crisis.  \nHigh Inflation  \n5. Inflation in Malaysia has been rising in recent months from 2.2% in March 2022 to 4.7% in August 2022. The main factor of Malaysia’s higher inflation in this period is the food inflation, which resulted from higher prices of agricultural inputs and supply chain disruptions. The increase in food inflation has a greater impact on the lowincome group compared to high-income group. Hence, the Government has  \nundertaken a number of measures to mitigate the impact of food inflation, includingthe provision of additional consumption subsidies and cash assistance.  \n6. The Government continues to provide various social assistance including cash assistance to target groups to ease the higher cost of living. As announced in the Budget 2022, the Bantuan Keluarga Malaysia (BKM) assistance with an allocation of RM8 billion is expected to benefit 4 million households, 1.2 million senior citizens and  \n3.4 million single individuals. In addition, the Government also announced additional cash assistance amounting to RM630 million beginning 27 June 2022 to cushion the impact of increase in basic food prices. The total amount of subsidies and social assistance in 2022 is estimated to be around RM80 billion which would be the largest in Malaysian history  \nClimate crisis and sustainable development  \n7. The sustainability and climate change agenda have gained traction around the world, particularly after the COVID-19 pandemic. The recent floods and landslides which occurred in late 2021 and early 2022 in some parts of Malaysia have revealed the importance to enhance the country’s preparedness against any disasters. In addressing the recent flood catastrophe, the Government disbursed around RM2 billion for immediate support and relief efforts to help the affected people.  \n8. In","cbCaitJlwBW9NrnS","https://ap.wps.com/l/cbCaitJlwBW9NrnS","pdf",316657,3,1,4,"English","en",105,"# Global Economy\n## Policy Responses in Malaysia\n## High Inflation\n## Climate Crisis and Sustainable Development\n# Moving Forward\n## The Role of the WBG and IMF","[{\"question\":\"How does the statement describe the global economic outlook for 2023?\",\"answer\":\"It expects moderate global growth in 2023, with advanced economies slowing and EMDEs growing faster, supported by consumption and exports. Ongoing inflationary pressure and supply-chain disruptions are key uncertainties shaping the forecast.\"},{\"question\":\"What are the main drivers of higher inflation in Malaysia mentioned in the statement?\",\"answer\":\"Inflation rises from March to August 2022, driven mainly by food inflation. Higher agricultural input prices and supply-chain disruptions are identified as the core causes, with stronger impacts on low-income groups.\"},{\"question\":\"What measures does Malaysia take to mitigate food inflation and the higher cost of living?\",\"answer\":\"The statement notes additional consumption subsidies and cash assistance, including Bantuan Keluarga Malaysia (BKM) and further cash support beginning 27 June 2022. It also describes broader social assistance targeted to ease living pressures.\"}]","WBG Governor's Statement No. 7 - October 14, 2022 - Statement by the Hon. 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Ongoing inflationary pressure and supply-chain disruptions are key uncertainties shaping the forecast.","Answer",{"name":78,"@type":73,"acceptedAnswer":79},"What are the main drivers of higher inflation in Malaysia mentioned in the statement?",{"text":80,"@type":76},"Inflation rises from March to August 2022, driven mainly by food inflation. Higher agricultural input prices and supply-chain disruptions are identified as the core causes, with stronger impacts on low-income groups.",{"name":82,"@type":73,"acceptedAnswer":83},"What measures does Malaysia take to mitigate food inflation and the higher cost of living?",{"text":84,"@type":76},"The statement notes additional consumption subsidies and cash assistance, including Bantuan Keluarga Malaysia (BKM) and further cash support beginning 27 June 2022. It also describes broader social assistance targeted to ease living pressures.","https://schema.org",{"og:url":52,"og:type":87,"og:title":13,"og:site_name":58,"og:description":14},"article",{"robots":89,"canonical":52},"index,follow",{"doc_id":7,"site_id":25},{"code":4,"msg":5,"data":92},[93,97,101,105,110,115,120,123,128,131,134],{"id":21,"doc_module":4,"doc_module_name":47,"category_name":94,"show_sort_weight":95,"slug":96},"Story & Novel",90,"story-novel",{"id":48,"doc_module":4,"doc_module_name":47,"category_name":98,"show_sort_weight":99,"slug":100},"Literature",80,"literature",{"id":22,"doc_module":4,"doc_module_name":47,"category_name":102,"show_sort_weight":103,"slug":104},"Exam",70,"exam",{"id":106,"doc_module":4,"doc_module_name":47,"category_name":107,"show_sort_weight":108,"slug":109},5,"Comic",60,"comic",{"id":111,"doc_module":4,"doc_module_name":47,"category_name":112,"show_sort_weight":113,"slug":114},6,"Technology",50,"technology",{"id":116,"doc_module":4,"doc_module_name":47,"category_name":117,"show_sort_weight":118,"slug":119},7,"Healthcare",40,"healthcare",{"id":11,"doc_module":4,"doc_module_name":47,"category_name":12,"show_sort_weight":121,"slug":122},30,"research-report",{"id":124,"doc_module":4,"doc_module_name":47,"category_name":125,"show_sort_weight":126,"slug":127},9,"Religion & Spirituality",20,"religion-spirituality",{"id":126,"doc_module":4,"doc_module_name":47,"category_name":129,"show_sort_weight":126,"slug":130},"World Cup","world-cup",{"id":30,"doc_module":4,"doc_module_name":47,"category_name":132,"show_sort_weight":30,"slug":133},"Lifestyle","lifestyle",{"id":135,"doc_module":4,"doc_module_name":47,"category_name":136,"show_sort_weight":106,"slug":137},19,"General","general"]