Malaysia's GDP grew 4.4pc in first quarter as household spending, job market stay robust
KUALA LUMPUR, May 16 — Malaysia's gross domestic product (GDP) grew by 4.4 per cent in the first quarter of this year, Bank Negara Malaysia announced today, confirming initial estimates that cited resilient household spending, a strong job market, and continued export growth as key drivers.
Private consumption expanded by 5 per cent between January and March compared to the same period last year, although this was slightly lower than the 5.3 per cent growth recorded in the previous quarter.
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Malay Mail
an hour ago
- Malay Mail
Singapore watching US tariff talks ‘very carefully', says foreign minister
SINGAPORE, June 7 — The United States' evolving tariff regime remains in flux and it will take time before the full picture becomes clear, said Singapore's Foreign Minister Dr Vivian Balakrishnan, following a five-day official visit to Washington. Speaking to The Straits Times, among other Singapore media, via Zoom today, Dr Balakrishnan said ongoing revisions, legal challenges and a likely series of bilateral negotiations with different trade partners mean the eventual shape of American tariffs is still being worked out. His meetings with senior US officials, senators and members of Congress revealed bipartisan agreement in the US on the importance of trade, investment, intellectual property, reliability, and secure supply chains. 'The relationship with the United States is a vital, critical one for Singapore — it spans the entire gamut... the economy, defence, security, and we're also pursuing emerging opportunities in areas like cyber security and energy,' he reportedly said. 'So it's a relationship which needs to be tended to, and attended to carefully.' Singapore and the US reaffirmed their strong bilateral ties during his visit, said Dr Balakrishnan, with both sides committed to deeper cooperation in areas such as defence and critical technologies, according to the Ministry of Foreign Affairs. A key topic during discussions was the impact of US tariffs on global trade, especially for small, open economies like Singapore. 'Any impact on global trade, any friction in the system, will have an impact on an open economy like ours, where our trading volume is three times our GDP,' he reportedly said. Dr Balakrishnan noted the US has a trade surplus with Singapore and should not impose even the baseline 10 per cent tariff. He said sector-specific duties were more concerning and would be closely scrutinised. 'We're still in the early stages of our discussions and negotiations, so let's watch this space,' he added. His visit came as the US trade outlook remains uncertain. President Donald Trump's wide-ranging 'Liberation Day' tariffs, unveiled on April 2, have been paused for 90 days, but on June 4, he signed an order doubling tariffs on steel and aluminium imports from 25 per cent to 50 per cent. Singapore's manufacturing sector has already been feeling the strain. On June 2, purchasing managers' index figures showed a second straight month of contraction in factory activity, reflecting the drag from trade instability. Dr Balakrishnan also noted signs of openness from Washington. In May, Deputy Prime Minister Gan Kim Yong said early talks were under way about ensuring semiconductor supply and potentially zero tariffs on pharmaceutical exports. Asked about challenges in engaging US officials, Dr Balakrishnan said: 'They were very welcoming, courteous... I have no anxiety on that front.' But he warned the global order that underpinned Singapore's success — based on free trade and capital flows — is shifting. 'The anxiety is that the world order that had prevailed for 80 years... is clearly changing, and this period of transition is the time of greatest danger.' Singapore must stay alert and ready to adapt quickly, he said. 'It is also important to interact frequently, candidly, openly and constructively with our interlocutors, and especially with a superpower which is of great strategic importance to us,' he added. Before Washington, Dr Balakrishnan visited London, where he met British Foreign Secretary David Lammy to discuss economic ties, strategic issues and potential cooperation.
Malay Mail
4 hours ago
- Malay Mail
Ringgit eyes stability next week as markets await US CPI, PPI
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Malay Mail
4 hours ago
- Malay Mail
Middle East-based engineer loses RM1.5m in online investment scheme, discovers scam only after failed withdrawal attempt
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