ACCCIM PRESS CONFERENCE
Survey Report on Economic Situation of Malaysia
for the Second Half of Year 2009
25-8-2010 (Thursday), 11 am, ACCCIM Conference Room
Speech by Tan Sri William Cheng, ACCCIM President
1. First of all, I would like to express my appreciation to all the media representatives for your presence at this press conference on the Survey Report on Economic Situation of Malaysia for the 2nd half of Year 2009.
2. The ACCCIM Economic Survey on Economic Situation of Malaysia for the 2nd half of 2009 can be viewed as a mean to gauge the economic situation facing the Malaysian Chinese business community in the 2nd half of 2009. The survey also covered some current issues in relation to the Chinese business community, namely impact of the recession in United States, Japan and Europe, effects of the Government’s two economic stimulus packages, current low level of borrowing costs, impact of zero tariff for the ASEAN-China Free Trade Area on 1 January 2010 and Goods and Services Tax as well as concern over the public security situation in the country.
3. With the gradual improvement in the macroeconomic environment, the Malaysia’s economy grew by 4.5% in the fourth quarter from the same period in the previous year. The Government’s two economic stimulus packages played a significant role to bring about this encouraging result.
Nonetheless, it is early stage of recovery and the business community remains cautiously optimistic about the economic outlook of Malaysia. The private sector has been identified as engine of economy growth. In the soon-to-be announced New Economic Model, ACCCIM hope that the Government will continue to implement a more pragmatic and bold policy as well as play an effective supporting role to build a very competitive and pro-business environment. This will lead to higher consumption and investment activities, continue to promote the growth momentum in various economic sectors towards a developed country with a high-income economy.
4. The ACCCIM would like to record our appreciation to Faculty of Accountancy and Management, University of Tunku Abdul Rahman (UTAR) for their assistance and support to make this survey a success.
Finally, I take this opportunity to thank the media for your support and cooperation in giving continued coverage of this survey report.