Datuk Seri Hajiji Noor
KOTA KINABALU (Nov 25): Sabah is predicted to maintain a positive economic growth in 2022 and 2023 at a rate of 4.0 to 5.0 per cent respectively, in line with the current global and national economy development.
“The State’s economic momentum next year is expected to continue to be driven by the recovery and acceleration of economic sectors, especially the tourism industry; export stability; increased domestic consumption; public and private sector capital expenditure; and the implementation of numerous high-impact investment projects.
Therefore, in line with the current global and national economy development, Sabah is predicted to maintain a positive economic growth in the year 2022 and 2023 respectively at a rate of 4.0 to 5.0 per cent,” said Chief Minister, Datuk Seri Panglima Hajiji Noor.
He also said that Sabah is on the right track towards economic recovery with a recorded growth rate of 1.1 per cent in 2021 compared to 9.2 per cent contraction in 2020.
“The Gross Domestic Product (GDP) of Sabah had increased to RM78.7 billion in 2021 from RM77.8 billion in 2020. Sabah’s GDP per capita has also increased to RM29,960 in the year 2021 compared to RM24,652 in the previous year,” said Hajiji when unveiling the 2023 Sabah State Budget at the State Legislative Assembly on Friday.
He added that Sabah’s economy is expected to continue its positive recovery and economic growth momentum.
“In the period of January to August 2022, Sabah has recorded a positive trade balance of RM23.5 billion compared to RM13.3 billion in the same period last year, which is an increase of 77.0 per cent.
This achievement is mainly supported by the increase of State’s total exports in January to August 2022 by 54.0 per cent and reached RM50.4 billion compared to RM32.8 billion in the same period in 2021, which is contributed by the State’s main commodities export particularly petroleum and crude palm oil.
Meanwhile, the total imports have recorded an increase of 35.0 per cent amounting to RM26.5 billion from RM19.5 billion in year 2021,” he said.
Hajiji also said that the government’s economic recovery strategy implementation by increasing development expenditure through 2022 National Budget of RM5.2 billion and 2022 State Budget of RM 879.28 million has enabled the State to implement more development initiatives and programmes especially on high-impact projects.
Additionally, the State’s domestic and private consumption is projected to grow continuously, which will be supported by the rising household disposable income and recovery of the labour market, he said.