ACCCIM slightly more optimistic on 2017 and 2018 economic outlook

KUALA LUMPUR: The Chinese business community is slightly more optimistic on the economic outlook for 2017 and 2018, according to the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM).
National Council member and member of Economic Survey Unit of Commerce Committee Peck Boon Soon said the better outlook is underpinned by the pick up in sales and production, which eventually will lead to increased investments by businesses.
"The recovery in exports is also positive for the economic outlook," he said at a media briefing on ACCCIM's Survey on the economic situation of Malaysia for the second half of 2016.
However, 91% of respondents said the new forex initiatives by Bank Negara is expected to give rise to costs of doing business, such as currencies conversion transaction cost, hedging services cost and administrative cost.
44% also fear that the ringgit will depreciate further against other major foreign currencies going forward.
A total of 359 respondents across different sectors participated in the survey.