Inflation Monitor: What do Malaysians think about our current inflation and economic situation?

Ipsos has just released the following data – Inflation Monitor: What do Malaysians think about our current inflation and economic situation?

The findings from the study reveal:-

• Malaysians state that the country is in recession, which is contrary to consistent growth.
• Citizens of Singapore and Indonesia are less likely to state that their country is in recession.
• Malaysians feel more financial pressure as compared to their SEA peers.
• Nonetheless, Malaysians expect inflation will go back to normal levels.

“In 2023, the economy of Malaysia grew steadily by 3.7%, and is expected to keep growing between 4% and 5% in 2024, with a moderate inflation rate. In short, the economy appears stable with contained inflation.

However, two out of three Malaysians believe the country is in recession. One out of three Malaysians feels that their inflation crisis is worse than in other countries, impacting their personal financial management, and half of Malaysians claim they are just getting by financially. Compared to Malaysians, Southeast Asian citizens have a more realistic view of their countries' economic situations.

A majority in Singapore and Indonesia feel that their inflation crisis is getting better, and they can manage their finances more comfortably. Perceptions of recession are also lower in these countries.

There is a clear disparity between Malaysians' perception of the economic situation and the economic growth data. Therefore, it is important for the Malaysian public to have regular, clearer, and more accurate information communicated to them to ease their concerns about their own financial well-being and the nation’s.“  

–Arun Menon, Managing Director, Ipsos Malaysia & Atticus Poon, Research Manager, Ipsos Public Affairs 

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