Bank Negara Annual Report 2016 reported that the world economy in 2016 recorded its lowest growth rate since the Global Financial Crisis. Major political and social dynamics shifts have created challenging situations resulting in uncertainty and volatility for the global economy and financial markets.
Inspite of this, the Malaysian economy registered a commendable growth of 4.2% in 2016 (5.0% in 2015). This growth was anchored by domestic demand and private sector spending. The strong fundamentals of the Malaysian economy characterized by its diversified sources of growth, have accorded Malaysia the ability to weather the external challenges and helped to contain the spillover effects of sector – specific shocks.
Going forward, global economic activity is expected to improve in 2017. This is underpinned by an expansion in domestic demand in the advanced and emerging market economies which will have positive spillover effects for Malaysia. The Malaysian economy will continue to be supported by stable labour market conditions amid continued healthy wage growth which in turn, will support household spending. Bank Negara is confident Malaysia can register a sustained growth of 4.3% – 4.8% in 2017 barring external shocks.
Given the improving sentiments, we in the business private sector, must be agile and nimble to tap new opportunities in the fast changing environment of today. The velocity of change brought on by advances in technological innovation and Internet of Things (IoT) would require us to be constantly appraised of new developments and emerging trends. Towards this end, MASSA will endeavour to look for new growth markets, identify potential growth sectors and trends for members to pursue.
MASSA will hold its 26th Annual General Meeting on 21 June 2017. The term of office of current executive committee members will expire and there will be election of members. I do encourage all members to attend and to come forward to serve on the committee.
I appreciate the continuing support and cooperation of all our members and your participation in the activities organised.
Tan Sri Azman Hashim