S E C T I O N 1 C O R P O R A T E O V E R V I E W 11 LETTER TO STAKEHOLDERS Following the impact of the restrictions on both a domestic and international scale, Malaysia’s labour market recovery has been on a slower trajectory compared to most countries, owing to its reliance on external trade. In October 2021, the International Monetary Fund (IMF) maintained its projected global GDP growth in 2022 at 4.9% but revised its 2021 global GDP forecast downwards to 5.9% from 6.0%. Continued supply chain issues in advanced economies, slow take up of vaccinations and the discovery of newer, more resistant strains of the virus have led to slowed momentum in recovery. This makes near-term prospects challenging for the Fund, in part due to the supply disruptions. In addition to that, the difficult capital market landscape further hindered the planned placement of units. At home, the domestic economy is on track to expand by between 3% and 4%, according to Bank Negara Malaysia (BNM). This expansion will be supported by increased economic activity, low-interest rate environment and supportive policies as the nation moves toward the endemic phase. Tourism, particularly interstate travel, is expected to bounce back as vaccination rates increase and restrictions are tapered. Additionally, global demand will continue to support export growth. DATO’ HAJI MOHD REDZA SHAH BIN ABDUL WAHID CHAIRMAN
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