Short to medium-term prospects for Malaysia’s construction sector remain promising, with state and private sector spending on the rise as the government launches initiatives to spur industry growth.
Malaysia
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A commitment to closer bilateral cooperation in the fields of innovation and education was among the leading outcomes of a visit to Kuala Lumpur from a delegation led by UK Prime Minister David Cameron in late July.
Higher tourist spending and longer holiday stays are supporting Malaysia’s efforts to reignite its tourism industry, bolstered by a more favourable exchange rate.
The latest development plan in Malaysia has placed human capital at its core, setting ambitious objectives to improve professional training and education as the country works towards a broader vision to join the ranks of developed economies by 2020.
A summit of the ASEAN group of countries in April, hosted in Malaysia, brought the bloc one step closer to realising plans to launch the ASEAN Economic Community (AEC) by the start of 2016.
Concerns about rising household debt and the introduction of a goods and services tax (GST), which came into effect on April 1, are likely to contribute to a cooling in the residential segment of Malaysia’s property market.