Penang Strives and Thrives Against Global Macroeconomic Headwinds

By Yeong Pey Jung, Ong Wooi Leng, Negin Vaghefi

January 2023 PENANG ECONOMIC INDICATOR
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ACCORDING TO THE latest World Economic Outlook report published by the International Monetary Fund (IMF), global economic growth has slowed from 6% in 2021 to 3.2% in 2022, and is expected to further decelerate to 2.7% in 2023 amid tightening financial conditions in most regions, Russia’s invasion of Ukraine, the lingering Covid-19 pandemic and the rising cost of living.This is the lowest growth in two decades, except when the global financial crisis raged and during the acute phase of the...

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Yeong Pey Jung

is a senior analyst with the Socioeconomics and Statistics Programme at Penang Institute. She is a reading enthusiast and is surgically attached to her Kindle.

Ong Wooi Leng

heads the Socioeconomics and Statistics Programme at Penang Institute. Her work lies in labour market analysis and socio-economic development.

Negin Vaghefi

is a senior analyst at Penang Institute. She holds a Ph.D. in Environmental Economics. Her research interests include agri-environmental economics, climate change, green economics, poverty and income inequality, and policy analysis.

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