4-8-2022
It is my great pleasure to welcome you all to this physical press briefing on the results of the ACCCIM Malaysia’s Business and Economic Conditions Survey (M-BECS), covering the period January to June 2022 and expectations for July to December 2022.
This bi-annual survey, which was carried out during the period 26 April to 30 June 2022, had received 860 active responses, of which SMEs made up 91.7% of total respondents.
The results of M-BECS for 1H 2022 and expectations for 2H 2022 indicated that while the economy recovery continues in 1H 2022 amid unevenly among the sectors, the business community is generally taking a neutral view about both economic and business conditions.
The survey findings indicated that most respondents remain concerned about both external headwinds and domestic issues would impact the pace of economic and business recovery in 2H 2022 and in 2023.
Briefly, the external headwinds are the risks of global stagflation due to soaring consumer inflation and increased cost of raw materials, the war in Ukraine, rising recession risks in the global and US economy, as well as higher US interest rates.
Domestic issues and challenges are rising cost of raw materials, the shortage of workers, increased operating cost, and the impact of weakening ringgit. Rising inflation and high cost of living are expected to slow down consumer spending somewhat and hence, impact on business sales revenue in 2H 2022.
For your information, ACCCIM has presented the preliminary results of the survey to the National Economic Action Council (EAC) in June.
Without further ado, I would like to invite Mr. Lee Heng Guie, Executive Director of Socio-Economic Research Centre (SERC) to conduct the briefing on M-BECS results.This will be followed by a Question-and-Answer session.
Thank you.
