Lower interest rates in 2024, SUPP rep tells bank

Dato Sim Kiang Chiok

KUCHING, Dec 22: With Sarawak approaching the new year with optimism due to
political stability and strong leadership and vision, it is hoped that banks will lower its interest rates.

Sarawak United Peoples’ Party (SUPP) Stakan branch chairman Dato Sim Kiang Chiok said lower interest rates would facilitate the private sector in reducing capital costs and subsequently have a strengthened ringgit to curtail price increases.

“Positive changes in the global economy including lower interest rates and improved Chinese economic performance will increase demand for Malaysian goods.

“Additionally, the aspiration is for the resolution of the ongoing conflicts, fostering peace and prosperity for all,” he said in a statement today.

Sim who is also Sarawak Housing Estates and Developers Association (SHEDA) Kuching branch chairman, further projected that the global challenges would persist next year, including the conflicts in Ukraine/Russia and Israel/Palestine, along with factors like high interest rates, inflation, sluggish Chinese economic growth, elevated oil prices, and unfavorable exchange rates in Malaysia.

Sarawak, however, he said can approach 2024 with optimism due to its stable political environment and strong leadership with clear vision under Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg.

“The State government’s increasing income, coupled with a well-devised roadmap in the Post Covid-19 Development Strategy (PCDS2030), positions Sarawak to become a developed State in the next seven years with high income for all Sarawakians.

“Anticipated strategies, such as oil sales tax and royalties, strengthening traditional economies and ventures into new economies like carbon trading, carbon storage, hydro power generation, and hydrogen production, are expected to double the State’s gross domestic product (GDP) from RM140 billion in 2022 to RM282 billion by 2030.

“Sarawak’s commitment to future growth is evident in substantial investments in infrastructure, including the Coastal Highway, Autonomous Rapid Transit’s (ART) route construction in Kuching, and the establishment of a new Sarawak airline to enhance connectivity and attract more visitors and tourists,” he added. – DayakDaily