KUALA LUMPUR, Nov 15 — Malaysia’s third quarter of 2023 (3Q 2023) gross domestic product (GDP) is expected to be better than 2Q 2023, despite the challenging global economy, said Economy Minister Rafizi Ramli.

"I think we will hit the third consecutive quarter-on-quarter (q-o-q) growth which has not happened in the past three to four years.

"I am optimistic it will be better, especially since the global economic condition is expected to improve in 2024 moving towards 2025,” he told reporters after launching the "RM1 Thirst Quenching Campaign” (Kempen Penyegar Dahaga RM1) here today.

Rafizi noted that the 2Q 2023 GDP was lower at 2.9 per cent partly due to the decline in the electrical and electronic (E&E) exports which slowed down as global buyers had been building up their stocks in the previous quarters.

Nonetheless, there are signs that the E&E sector will start improving globally, hence, Malaysia could expect better export performance in 2024.

"We cannot run away from the cyclical nature of our economy as well as the global economy, what we want to make sure of is that we continue to grow.

"Hence, we must use this opportunity to fix our structural problems, such as high debt level, fiscal situation and labour market reform, so that by the time the global economy picks up from the second half of 2024 onwards, we will be in the best position to benefit from that,” he said.

Meanwhile, the RM1 Thirst Quenching Campaign is a collaboration between the Economy Ministry and Atlas Vending Sdn Bhd, the vending machine arm of Etika Sdn Bhd.

Under the collaboration, which is part of the government’s People’s Income Initiative (IPR), Atlas Vending has introduced its first RM1 drink vending machine, where Malaysians can purchase Pepsi Black, bottled mineral water and Revive Isotonic at RM1 per bottle.

Since the launch of the vending machine initiative under the government’s IPR initiative, many Malaysians from low-income groups have been able to benefit from the affordable meal options provided by the vendors operating these vending machines.

Meanwhile, Etika group’s chief executive officer, Santharuban Thurai Sundaram said leveraging the group’s status as the largest food and beverages vending operator across Malaysia and Singapore, the impact of the IPR RM1 initiative could be felt through the 3,210 machines stationed nationwide.

"We believe that every small step can lead to significant change, with this, we embark on a journey to empower communities, one refreshing sip at a time,” he said. — Bernama