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Will Asia’s economy weather the coming storm as dark clouds gather on the horizon?
- Malaysia and Vietnam enjoyed bumper growth last year. But momentum in both countries is slowing, and in Thailand too
- Falling demand, rising interest rates, slowing exports and recession fears loom large – yet China’s reopening still offers a bright spot
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Su-Lin Tanin Singapore
Nadhra Fauzi had a good year last year. Or at least, that’s how it began.
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The Malaysian entrepreneur’s e-commerce fulfilment business TresGo, based in Subang Jaya, chalked up bumper sales during the year’s big online shopping festivals.
On these “discount days” her customers “go all out”, she said, snapping up everyday items like nappies, wet wipes and other “cheaper supplies” – three months’ worth at times – as they seek out savings amid a ballooning cost of living crisis.
On other days, especially towards the latter half of the year, orders were patchier, with sales rarely exceeding 20 per cent of shopping festival volumes.
“Last year was good for retail but by Christmas, people had spent all their money,” she said.
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Indeed, it was a banner year for Malaysia’s retail sector. Cash handouts boosted consumer spending on everything from cars and clothes to recreation, fuelling better-than-expected growth of 8.7 per cent – a 22-year high.
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