Firstly, it marks the final phase in the unshackling of our movement restrictions, part of the government’s effort to curb the spread of the coronavirus.
All this made up the gross value added of tourism industries of RM240.5bil or 15.9% of the GDP in 2019. This added to government revenue in the form of taxes, which is then ploughed back into the economy through development projects, including building schools, roads and hospitals. Be that as it may, the Finance Ministry is aware that projected tourist arrivals this year will not likely catch up with the 2019 figure of 26.1 million anytime soon.
Malaysia’s growth this year will continue to be driven by encouraging external trade. In 2021, we recorded external trade exceeding RM2.2 trillion. In January this year, our external trade grew by 25% and in February, by 17.5%. But what is equally, if not more, important is how the financial institutions will step up to support this industry and help it recover speedily from its two-year setback.