Malaysia ranked 13 among emerging economies in WEF Inclusive Development Index
- Malaysia ranked 13 among emerging economies in WEF Inclusive Development Index
- Malaysia’s GDP to Grow 5.4% in 2018: MIER
- ASEAN companies face US$750 billion exposure from cyberattacks
- Aging and Increasing Populations, Advances in Medical Treatments and Rising Labour Costs to Drive Spending in Health Care
- Honda Malaysia Retains Number 1 Spot for Non-National Brand for Third Consecutive Year
Malaysia has been ranked 13th among emerging economies on the World Economic Forum’s 2018 Inclusive Development Index, above China’s 26th
position and India’s 62nd
. The Index was released by the Swiss-based World Economic Forum ahead of its annual meeting in Davos which starts today. The Index rates 103 countries on growth, equity and sustainability. The index takes into account the “living standards, environmental sustainability and protection of future generations from further indebtedness,” the WEF said. Other highlights of the report include a message to world leaders to urgently move to a new model of inclusive growth and development, saying reliance on GDP as a measure of economic achievement is fuelling short-termism and inequality. Among advanced economies, Norway is followed by Ireland, Luxembourg, Switzerland and Denmark in the top five rankings.
Malaysia’s GDP to Grow 5.4% in 2018: MIER
Malaysia’s gross domestic product (GDP) is forecast to grow 5.4 per cent year-on-year in 2018, mainly driven by domestic demand, which is projected to increase 5.2 per cent year-on-year, the Malaysian Institute of Economic Research (MIER) said. Executive Director Dr Zakariah Abdul Rashid said both consumers and producers from the private sector were expected to continually provide impetus for domestic demand this year. “The external demand is also expected to remain strong, although the growth rate for both exports and imports are projected lower due to the base effect of a high growth realised last year,” he told a press conference on the Malaysian Economic Outlook for the Fourth Quarter in Kuala Lumpur. Dr Zakariah said MIER had revised upwards the country’s GDP to 5.6 per cent in 2017, up 0.8 per cent from its forecast earlier. He attributed the positive outlook revision to the faster-than-expected domestic demand, along with sustained manufacturing activities showed by a growing industrial production
MIER said the Malaysian economy performed exceptionally good last year driven by a resilient domestic demand due to the improvements in both investment and consumption and reinforced by a sturdy global demand. The first three quarters displayed a better-then-expected performance with the real GDP growing by 5.6% in the first quarter and accelerating to 5.8% and 6.2% in the second quarter and third quarter, respectively. The fourth quarter data did not show any signs of slowing down either, with sustained manufacturing activities as shown by a growing Industrial Production Index (IPI) supported by a double-digit growth in exports. All in all, the Malaysian economy is estimated to grow at 5.6% in 2017, a 0.8 percentage point upward revision from MIER earlier of the year forecast.
ASEAN companies face US$750 billion exposure from cyberattacks
Companies across the 10-nation ASEAN bloc face growing risk of cyberattacks, which could expose the region’s top listed firms to a US$750 billion (RM3 trillion) erosion in current market capitalization, according to new research commissioned by Cisco. The research, conducted by global management consulting firm A.T. Kearney, stresses that ASEAN’s growing strategic relevance, driven by economic expansion and ongoing digital adoption, make it a prime target for cyberattacks. A combination of nascent policy preparedness, absence of a unifying regional governance framework, shortage of skilled talent, underestimation of risk and lack of adequate investment are among the factors that are contributing to the heightened risk. Albert Chai, Managing Director at Cisco Malaysia said: “While the International Telecommunications Union (ITU) has recognised our nation’s commitment to cybersecurity, this research finding shows that organisations still needed to amplify efforts in improving their digital hygiene.”
ASEAN countries are underspending on cybersecurity. The region currently spends an average of 0.07 percent of its collective GDP on cybersecurity annually. It would need to increase the spending to between 0.35 and 0.61 percent of GDP between 2017 and 2025, to be in line with the best in class benchmark. The research estimates that this translates to US$171 billion in collective spend needed across ASEAN countries during the period.
Aging and Increasing Populations, Advances in Medical Treatments and Rising Labour Costs to Drive Spending in Health Care
Prime health care spending is projected to increase at an annual rate of 4.1% in 2017-2021, up from just 1.3% in 2012-2016. Aging and increasing populations, developing market expansion, advances in medical treatments, and rising labour costs will drive spending growth. This is according to Deloitte Global’s report,2018 Global Health Care Outlook: The evolution of smart health care
, released today. Yet the report highlights that higher spending levels don’t always produce better health outcomes and value. Considerable opportunities exist for health care stakeholders to work collaboratively on innovative access, delivery, and financing models to reduce health care costs and increase quality. “With rising costs and shrinking margins, the health care sector is looking for innovative, cost-effective ways to provide the quality, outcomes, and value consumers seek,” said Dr. Terri Cooper, Deloitte Global Health Care Sector Leader. “Patient-centred, technology-enabled health care can help care providers work smarter and not just harder.” Consistently delivering smart health care around the world will not be easy given global health care’s magnitude and complexity,” added Dr. Stephanie Allen, Deloitte Global Public Sector Health & Social Services leader. “It will demand that we evolve policies, processes and capabilities with a focus on achieving high-value care, reducing waste and lowering costs.” In Southeast Asia, cost and quality are the two key concerns for the health care providers. “With medical costs increasing due to demographic change and the rise in chronic disease population, governments are starting to evaluate the true cost effectiveness of medical treatments. They are also looking for innovative ways to deliver quality patient-centred care by leveraging digital technologies to reduce costs while improving outcomes,” commented Dr Loke Wai Chiong, Deloitte Southeast Asia’s Health Care Sector Leader.
Honda Malaysia Retains Number 1 Spot for Non-National Brand for Third Consecutive Year
Honda Malaysia Sdn. Bhd. has retained its No. 1 position for Non-National segment for three consecutive years and strongly maintain No. 2 position in overall TIV for two consecutive years from 2016 to 2017. The Company also announced that all of its CKD models ended 2017 by taking the lead in their respective segment. In 2017, the Company recorded total sales of 109,511 units, setting an all-time high record in the history of Honda Malaysia since it was established in 2003. This is also the first time that Honda Malaysia achieved sales of more than 100,000 units and also the highest that a Non-National brand has ever achieved in Malaysia.