Editor’s Picks: 4 October

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KUALA LUMPUR, May 9 -- Chief Secretary to the Government Tan Sri Dr Ali Hamsa (middle) with Chief Executive Officer Performance Management and Delivery Unit (Pemandu) Datuk Seri Idris Jala (right) and Country Manager World Bank Group Global Knowledge and Research Hub in Malaysia Faris Hadad-Zervos showing the Assessment Report at Sasana Kijang today. --fotoBERNAMA (2017) COPYRIGHT RESERVED

Highlights:

  • World Bank Revises Upwards Malaysia’s 2017 GDP to 5.2 Percent
  • Government to Rationalise Spending In 2018 Budget
  • Mobile Payment in Malaysia Set to Increase
  • MA2017 Unlocks Disruptive Entrepreneurship for Malaysia’s Startup Ecosystem
  • Remittances to India to Rise 4.2 percent to US$65 Billion In 2017

World Bank Revises Upwards Malaysia’s 2017 GDP to 5.2 Percent
The World Bank has revised upwards Malaysia’s Gross Domestic Product (GDP) growth forecast for this year to 5.2 per cent from 4.9 per cent in June, on the back of a much stronger-than-expected growth of 5.7 per cent in the first half of 2017. Originally, World Bank forecasted Malaysia’s economy to only grow by 4.3 per cent. World Bank Malaysia Country Manager Faris Hadad-Zervos (pic) said the bank expected Malaysia to continue its growth trajectory route on high level growth. “Upward estimates reflect Malaysia as an open economy, so the favourable external environment has helped fuel Malaysia’s continued growth.” “Also policies within the country have helped spur domestic demand and public investments,” he added. “These are all very positive things,” said Faris at a press conference to unveil the World Bank’s October 2017 edition of the East Asia and Pacific Economic Update in Kuala Lumpur.

KUALA LUMPUR, May 9 — Chief Secretary to the Government Tan Sri Dr Ali Hamsa (middle) with Chief Executive Officer Performance Management and Delivery Unit (Pemandu) Datuk Seri Idris Jala (right) and Country Manager World Bank Group Global Knowledge and Research Hub in Malaysia Faris Hadad-Zervos showing the Assessment Report at Sasana Kijang today.
–fotoBERNAMA (2017) COPYRIGHT RESERVED

Government to Rationalise Spending In 2018 Budget
The government will be rationalising some of its expenditure in the 2018 Budget to get the best result from the money spent, said Second Finance Minister, Datuk Seri Johari Abdul Ghani. “We will make sure every dollar we spend to run the government will be the most effective one,” he told reporters in Kuala Lumpur. On the tax on digital platforms, he said, the government was studying a few options to ensure that the users would not be taxed.

Mobile Payment in Malaysia Set to Increase
With the growth of the digital economy and the push by regulatory authorities for demonetisation, instant payment schemes are emerging across the ASEAN region, including Malaysia, where the mode of payment is increasingly shifting from the traditional method to mobile electronic payments. HSBC Bank Malaysia’s Country Head of Global Liquidity and Cash Management Mandeep said with greater infrastructure development in the banking industry, thanks to the efforts of the regulator and financial technology companies, the outlook for mobile payment in the country looked promising. “There is a need for collaboration between the prepaid electronic cash card provider and the banking industry in making transactions more seamless for customers’,” he said.

MA2017 Unlocks Disruptive Entrepreneurship for Malaysia’s Startup Ecosystem
Malaysian Global Innovation & Creativity Centre (MaGIC) today kicked off MaGIC Academy Symposium 2017 (MA2017). The signature event brings Malaysia’s thriving startup ecosystem together for a jam-packed four days, providing a forum for education, mentorship, inspiration, and employment. MA2017 expects to gather more than 2,000 disruptors, entrepreneurs, impact driven enterprises (IDEs) and jobseekers this year. Returning for its fourth year, MA2017 takes a look at ‘disruptive entrepreneurship’ in four specific ways: finding new ways to solve problems; identifying opportunities to grow; future-proofing your business and anticipating future trends; and last but not least, cultivating talent. Aside from the masterclasses, participants will also have access to 75 mentoring sessions with attending speakers and mentors from around the region. These mentoring sessions will equip participants with the tools needed for their business to thrive in the disruptive digital economy. Some of these Master Classes include the secret of getting investments, working with google analytics, navigating the legal landscape for startups, and many more. The region’s most comprehensive startup symposium will conclude with the largest startup career fair in Southeast Asia, hosted in collaboration with StartUpJobs and Talentvis. More than 100 startups will provide candidates looking for an exciting career path with intimate insights into working in a startup such as work culture, career progression, day-to-day responsibilities, and others.

Remittances to India to Rise 4.2 percent to US$65 Billion In 2017
Remittances to India, the world’s largest recipient of money sent by migrant workers, will grow by 4.2 per cent to US$65 billion in 2017, the World Bank said. Last year India received US$62.7 billion in remittances, a decline of nine per cent due to weak global economic conditions. Officially recorded remittances to developing countries were expected to grow by 4.8 per cent to US$450 billion this year after two consecutive years of decline, according to World Bank’s Migration and Development Brief published on Monday. China is projected to receive US$61 billion, followed by the Philippines at US$33 billion, Mexico receiving a record US$31 billion and Nigeria’s share being US$22 billion.

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