Myanmar: Consumer spending to rise up to 6% this year
KUALA LUMPUR: Consumer spending is expected to grow by about 5% to 6% this year in line with the country’s economy, said Minister of Finance II, Datuk Seri Johari Abdul Ghani.
He said on Friday Malaysia’s economy was expected to expand by between 5% and 5.5% this year.
The increase in purchasing power was due to the rise in disposable income following the government’s move to reduce individual income tax rate by two per cent in the 2018 Budget, he said.
“For those in the Middle 40% group, it will increase their disposable incomes which are available for spending,” he told reporters after the launch of Small and Medium Enterprises Loan/Financing referral platform here today.
On the strengthening of the ringgit, Johari said, this proved that the economy’s fundamentals were improving, including the growth in exports and trade, rising oil prices and inflow of money from foreign investors into the country. – Bernama