| Malaysia is in a technical recession, defined by the US Federal Reserve as two consecutive quarters of economic decline, according to the latest economic performance data for the third quarter (Q3) of 2021.
Is Malaysia experiencing a downturn?
Malaysia is in a technical recession, as we mentioned in our assessment on the latest economic performance data for Q3 2021. A technical recession is defined by the US Federal Reserve as two consecutive quarters of economic contraction.
What is Malaysia’s current economic situation?
Malaysia’s economy grew by 3.1 percent in 2021, rebounding from a 5.6 percent decline in 2020, the country’s worst annual performance since the Asian Financial Crisis in 1998.
Is Malaysia experiencing a financial meltdown?
Prime Minister Ismail Sabri Yaakob, who took office less than a week ago, has stated that he will prioritize economic recovery over the Covid-19 situation.
Malaysia’s GDP contracted by 5.6 percent in 2020, the most since the Asian financial crisis of 1998. Since the start of the third Covid-19 wave in September of last year, growth expectations have been lowered downwards once more. After a two-month lockdown in mid-2020, the country successfully managed the second wave of the virus, reopening much of the economy.
Despite a nearly three-month-long curfew, the number of daily cases has remained persistently high, with the country reporting around 20,000 cases per day and hundreds of deaths.
Malaysia has one of the highest Covid-19 vaccination rates in the world, with 83.8 percent of adults receiving at least one dose and 63.6 percent fully immunized as of Tuesday.
Do you have a question for Tengku Zafrul Aziz, Malaysia’s Finance Minister? Please submit it using this form by 7 p.m. on Wednesday, September 1st.
Is the Malaysian economy deteriorating?
Reuters, KUALA LUMPUR, Nov 12 – Malaysia’s economy shrank 4.5 percent from a year ago in the third quarter, according to the central bank, as new COVID-19 lockdowns impeded recovery.
When was Malaysia’s last recession?
In 1998, the Malaysian economy faced its first recession since 1985, dropping by 6.7 percent. Almost everyone agrees that the present downturn is worse than the one that hit the country in 1985. The recession of 1985 lasted only one year and resulted in a moderate 10% decline.
Why is Malaysia so misunderstood?
It is undoubtedly less well-known than many other countries (cough, social media), but I guarantee you that it is a place not to be neglected. Malaysia has a lot to offer, including delicious cuisine, breathtaking national parks, beautiful beaches, world-class aquatic life, a rich history, and a dynamic culture.
Cost of Living
Pros: Life in Malaysia is simple, inexpensive, and low-stress. The majority of expatriates who live here retired early, something they would not have been able to do if they had stayed in their native country. On a monthly budget of $2,500, a couple can comfortably live here. For less than $900 a month, you can rent a modern condo in a community with a pool, gym, 24-hour gated security, and parking.
Country club memberships cost a fraction of what they do back home. The Penang Sports Club is a good example. With more grass tennis courts than any other club in Malaysia and first-rate facilities (a swimming pool, snooker room, library, gym, and multiple pubs and restaurants), membership here will set you back $3,000 for you and your spouse.
The Penang Swimming Club, without a doubt the best five-star facility in north Malaysia, charges $6,000 per pair for membership. Here, the sailing section is unrivaled. Members can purchase a sailing ticket and use the club’s boats whenever they want at no extra charge. Motorboats are also available, with only the cost of fuel to be paid.
For a few dollars, you may also eat out every night at a different restaurant, caf, or street stall. Movie tickets are a fifth of what they are in the United States, and most films are shown in Malaysia before they are released in the United States.
Cons: Wine can be more expensive abroad than it is at home, owing to import duties. A bottle of wine that costs $9 at home will cost you $20 here. Imported luxury items will cost you more in Malaysia, as a general rule. It is something to consider if you decide to relocate here.
Settling in
Advantages: Malaysians are very kind individuals, which I admire. It’s also reassuring to know that you’ll be able to communicate in English as soon as you walk off the plane.
Infrastructure
Pros: The infrastructure in this area is great, including roads, amenities, and connectivity. Our intranet is both quick and cost-effective. We only pay $50 a month for 1GB of data. Time is the preferred provider, but you must check with them to see whether they are installed in the building or home you are moving into; some buildings and homes are not, and this can affect your ability to upload TV episodes or work from home.
Cons: Overdevelopment is widespread in Malaysia, and COVID-19 has a lot of unoccupied office space. This is both a benefit and a disadvantage. Empty buildings are never desirable since they require someone to maintain them, but rental prices have also plummeted and do not appear to be recovering anytime soon. If you’re looking for a place to run your business, this is great news.
Getting around
Pros: If you’re driving, you’ll notice that all of the road signs are written in both English and Malay. Scooters are reasonably priced, and because the majority are built in Asia, they are less expensive than in the United States. A brand new Vespa costs $4,000, whereas a Honda 125cc only $500. I own a Vespa and ride it on a daily basis. It’s quite simple to navigate on. My wife travels by automobile. It’s a small island, so you won’t need a big car, and a new four-door hatchback will set you back roughly $8,000.
Another advantage of living in Southeast Asia is that there are numerous exotic nations to visit when you wish to go exploring. All of Vietnam, Cambodia, Thailand, Laos, Indonesia, Hong Kong, and India are easily accessible.
Cons: Driving here is an adventure, which I have grown accustomed to, yet after 11 years here, my continuous slogan remains, “Choose a lane!”
Malaysian drivers rarely utilize their indicators or mirrors and pay no heed to the lines that separate the lanes. When I pulled up next to a four-wheel drive at a traffic light, I saw that both side mirrors were cranked in. When I knocked on the driver’s window and pointed it out to her, she answered, “Yes, I understand; I don’t want them to be harmed.”
If you have mobility issues, some portions of the city, regardless of whatever city you are in, will be inaccessible to you in a wheelchair. It is improving, and there is a plan in place to rebuild all sidewalks, but that objective is still a few years away.
Buying and Renting
Pros: Apartments are inexpensive, and Malaysia is one of just two Asian nations where you can purchase property freehold as soon as you arrive. Renting a 2,000 square foot beach condo in Tanjung Bungah, Penang, will set you back only $1,000 per month. If property investing is your thing, a 6,000 square foot apartment in Penang’s The Cove with unrestricted sea views may be yours for $700,000.
Cons: It’s difficult to flip apartments in Malaysia. No matter where you are, the paperwork necessary involves state and federal legislation, and it cannot be finished quickly.
Visas and Residence
Advantages: Malaysia is the only Asian country that provides a straightforward 10-year renewable visa (MM2H). The visa is currently being reviewed, and no applications are being processed; however, we anticipate that it will be operational again by May 2021.
Cons: The MM2H visa program is now being reviewed, and we don’t know what changes will be made.
Healthcare
Advantages: The healthcare system is unrivaled. There is no need to make an appointment here. It’s as simple as showing up and booking your preferred specialist. I recently had a basic medical exam with a cardiac surgeon for only $50. That is a standard price. A visit to a doctor or specialist costs around the same regardless of which hospital you go to. Hip replacements cost around $5,000 on average, and there are no waiting lists because you are effectively paying for it yourself or via your insurance.
Cons: When it comes to healthcare, it’s difficult to think of one. It’s truly first-rate.
Climate
Pros: Southeast Asia’s climate is tropical, which means it can be hot and humid or hot and dry depending on the time of year you visit. The dry season begins in January and lasts until August, when the humidity increases and the monsoon season begins. The average daily temperature is 85 degrees Fahrenheit. The temperature can reach 95 degrees Fahrenheit during the dry season, but it decreases to around 80 degrees Fahrenheit during the cooler monsoon season.
Cons: Rainfall averages eight inches per month from June to August, with roughly 16 days of rain per month. In the mid- to late-afternoon, brief but heavy downpours are common. The monsoon season in autumn is the most severe. The wettest months are September and October, with average rainfall of 13 to 15 inches and 21 to 25 days of rain. Despite the rain, there is an average of six to eight hours of sunshine per day, which is not terrible for a monsoon season.
In summary, Malaysia is a welcoming, comfortable country with a low crime rate and a high standard of living. Living in Malaysia has many more advantages than disadvantages. If you are considering relocating here, you should begin your preparations now. It will, without a doubt, be the most thrilling adventure.