Sarawak’s economy is expected to grow by up to 6% this year – Abang Johari
KUCHING (October 9): Sarawak’s economy is expected to register a positive growth rate of between four and six percent this year, following the global economic slowdown caused by the Covid-19 pandemic, the chief minister said Datuk Patinggi Abang Johari Tun Openg.
This is also due to the prudent financial management of the state, he added.
He said the state’s economic growth contracted 3.2% last year due to the global economic slowdown, which is said to be the worst since World War II.
Following measures that have limited the state’s economic growth in a bid to curb the spread of the Covid-19 infection, he said the state’s gross domestic product (GDP) has also been contracted six to seven percent last year.
“However, with the state economy going through this very difficult time, al Hamdulillah, with prudent financial management, without compromising the current financial resilience or the fiscal position in the coming days, the state met the challenges last year, and for this year the state economy is expected to register a rate positive growth of between four and six percent, âhe said.
He said this at the state banquet in conjunction with the celebration of Sarawak Yang di-Pertua Negeri Tun Pehin’s 85th birthday Sri Abdul Taib Mahmud at the Borneo Convention Center Kuching (BCCK) here tonight.
Although the state’s GDP contracted six to seven percent last year, Abang Johari said there was some relief as the state’s revenue yield fell from RM6 billion. to RM 10 billion, as a result of creative measures to implement “revenue reengineering” that had given a significant return to the state economy.
From 2019 to September this year, he said the government of Sarawak received RM 6.8 billion in revenue from the state sales tax (SST) on petroleum products.
“With more state revenue, we have the capacity, through the implementation of BKSS assistance programs, to absorb the impact of the Covid-19 pandemic, in particular its impact on people, on small traders and small and medium industries, âhe added.
Meanwhile, Abang Johari said he prayed alongside the people that Taib continues to be healthy and continues to be the patron of the development of Sarawak and the unity of its people of various races, ethnicities. and religions.