The KL skyline. Malaysia’s GDP continued to grow strong with a growth rate of 5.6% in the first quarter of 2015.
It’s been a trying start to the year, but Penang remains resilient.
Penang’s economy is dependent on national and global economic conditions; the US economic recovery, lower oil prices, the Asean Economic Community (AEC) and the implementation of GST in Malaysia are likely to change consumers’ spending and producers’ output, as well as business strategies. These factors are also likely to affect Malaysia’s and Penang’s economic performance.
Figure 1: GDP annual growth rate in Malaysia and Penang, 2006-2015
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