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Sunday, January 31, 2021

MICCI: It is indicative of stability

 (MICCI) has deemed Moody’s reaffirming Malaysia’s A3 rating as a vote of confidence on the government’s economic management amid the Covid-19 pandemic. -- Bernama File Pix

KUALA LUMPUR: The Malaysian International Chamber Of Commerce and Industry (MICCI) has deemed Moody's reaffirming Malaysia's A3 rating as a vote of confidence on the government's economic management amid the Covid-19 pandemic.

MICCI executive director Shaun Edward Cheah said it was comforting that the Moody's A3 status quo was indicative of stability.

MICCI, however, remains cautious about the government's business friendly narrative post-Movement Control Order 2.0 to re-attract foreign and domestic investors' confidence, which is paramount to a true recovery.

"Given Moody's somewhat vote of confidence, the government really needs to ride on this by giving out clear narratives that they are in control and remains attractively open for business," said Cheah.

"The short-term outlook is already a given with the ravages of the pandemic but the mid-term status quo by Moody's could be revised depending on the extension of MCO 2.0, political stability (until past August 2021 anyway) and the robustness of the Recovery Movement Control Order (RMCO) 2.0 rebound," he added. - NST

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