Bank Negara Malaysia governor Datuk Abdul Rasheed Ghaffour told a press conference on Friday that the growth of private consumption, which accounted for about 60% of the country's GDP, slowed to 4.3% in the second quarter of this year from 5.9% in the previous quarter.
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00:00 In terms of private consumption, it is at 4.3% this quarter.
00:15 What I can say is that private consumption remains as the anchor of growth for the economy.
00:21 If you look at the household spending, it is supported by continued investments or improvements
00:27 in the labour market.
00:29 Electricity measures are also in place to assist affected households facing higher costs
00:35 of living.
00:36 This includes cash transfers, labour-related measures, and also price controls on fuel
00:41 and selected food items, as well as electricity rebates.
00:46 For example, in terms of the labour market, we expect employment to grow by 2.4% this
00:53 year, while the unemployment rate, although it is at 3.4% in June, we expect this to come
00:58 down further.
01:00 We may even have reverted back to the pre-pandemic level of 3.3% in the fourth quarter.
01:06 So all this will support consumption as we move forward.
01:09 Last question from Hari.
01:10 If I can just seek some clarification, what do you mean by the leakages?
01:17 Can you say that again, Hari?
01:18 Sorry, the microphone is with you.
01:21 Since 2022, there seems to be a lot of leakages, identified by the Prime Minister initially
01:32 in his Pandani plans.
01:35 Are they being addressed at the moment?
01:39 What are the measures being taken to reduce the wastage?
01:48 I think perhaps these questions would be best to ask the Government.
01:53 Perhaps I think it would not be appropriate for us to answer on this.
01:56 But if you look at the Ekonomi Madani framework, there is initiative to further enhance governance,
02:03 and it will also show the commitment in terms of addressing potential future leakages.
02:09 Thank you.
02:09 Thank you.