GEORGE TOWN, Aug 1 — A Penang DAP assemblyman today raised concerns over the negative impact of the global reduced demand for electrical, electronic and optical products on the state’s gross domestic product (GDP) growth.
Pulau Tikus assemblyman Joshua Woo Sze Zeng said the state’s manufacturing sector recorded a negative growth of -0.5 per cent in 2023.
Citing data obtained from the Department of Statistics, he said Penang has dropped from being in the country’s top position in 2022, with 13.3 per cent of GDP growth to fifth place in 2023 with only 3.3 per cent.
He said Penang’s GDP growth last year was lower than the national average of 3.6 per cent.
He said it was the increase in Penang’s construction sector that had reduced the impact of the decline in the manufacturing sector.
He said the construction sector recorded 23.6 per cent growth in 2023 as compared to 7.9 per cent in 2022.
“It is necessary to continue diversifying the economy for Penang to remain resilient against uncontrollable market forces,” he said in a statement today.
“Therefore, those anti-development groups and opposition parties that protest against the various development initiatives in Penang are a threat to the state’s economic growth,” he added.
He said one of the construction projects that contributed to the sector was the reclamation of Silicon Island which started in September 2023.
“The project has so far injected RM295 million into the local economy, and created 373 jobs for Malaysians, of which about 50 per cent are Bumiputra workforce,” he said.
He said economic stimulus such as the Silicon Island had raised Penang’s GDP when other sectors were affected by global market forces.
“The state’s 2023 GDP per capita was recorded at RM 72,586, behind two federal territories, Kuala Lumpur (RM 131,038) and Labuan (RM 83,596),” he said.
