ANNUAL REPORT 2021 29 PERFORMANCE OVERSEAS BUSINESS HIGHLIGHTS AND ACHIEVEMENTS In September 2021, the Group announced that through MYEG Philippines, it has rolled out two more major e-government services. These services are the online payment of income taxes to the BIR and online payment of fees to the PEZA. Both services enable users to pay their personal and company taxes online as opposed to having to physically queue up at government counters. To reduce the need for face-to-face interaction amid the pandemic and to provide added convenience to users, doorto-door delivery of NBI clearances was introduced during the year, on top of the online renewal service already being offered. These new services marked the latest in a number of significant e-government services that MYEG Philippines has been continually introducing since its inception in 2017 and further reinforces its dominant position as the country’s leading one-stop e-services platform. Meanwhile, in light of the COVID-19 pandemic and its resultant restrictions, activity in the Group’s other overseas markets, namely Indonesia and Bangladesh, remained subdued during FY2021. Nevertheless, the Group’s progress in the Philippines and on Zetrix as well as the novel and innovative technological developments towards expanding into new business sectors continue to augur a bright future for MYEG’s expansion into international markets. REINFORCING SUSTAINABILITY GOVERNANCE In FY2021, MYEG formed the Sustainability Working Group (“SWG”) within its sustainability governance structure to efficiently tackle risks and opportunities arising from material ESG topics. Enacting this working group ensures that sustainability plans, improvements and strategies are well implemented and also reviewed when necessary so that our Senior Management and the Board can also better provide their input towards maintaining long-term sustainability within the Group. Details on the SWG and other sustainability disclosures are provided in the FY2021 Sustainability Statement on page 60 to 106. ECONOMIC OUTLOOK Globally, the economy continues to recover at a moderate but positive, pace with the International Monetary Fund (“IMF”) forecasting a global economic growth of 4.4% in 2022 as worldwide economic prospects continue to weighed by the persistent presence of COVID-19. Similarly, Malaysia is also expected to maintain a positive growth trajectory for FY2022 and beyond. According to the Minister of Finance Malaysia, the nation is forecasted to achieve a GDP growth of 5.5%-6.5% in FY2022. Growth is underpinned by Malaysia’s biggest ever budget allocation of 2022, a RM332.1 billion budget. The Malaysian government also anticipates revenue to expand by 5.9% to RM234 billion. This positive outlook on national GDP growth in FY2022 will be supported by the continued expansion in global demand and higher private sector expenditure as labour market conditions improve and support for policies are ongoing. Additionally, the continuation of major investment projects in both private and public sectors will support this growth. Economic growth will also continue to be supported by the government’s roll-out of RM530 billion worth of economic packages and increased oil and gas revenues on the back of higher prices. However, the present Ukraine-Russia conflict does pose risks to global economic recovery and we continue to monitor those events. These growth drivers are backed by the country’s robust vaccination rates, as the National COVID-19 Immunisation Programme (“PICK”) fully rolled out vaccinations in FY2021. PICK forecasts that 80% of Malaysia’s population will be fully vaccinated by August 2022. MANAGEMENT DISCUSSION AND ANALYSIS REVIEW OF THE MACRO-OPERATING ENVIRONMENT (CONT’D)
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