{"id":3110,"date":"2020-04-13T12:43:16","date_gmt":"2020-04-13T04:43:16","guid":{"rendered":"https:\/\/newmalaysiatimes.com\/?p=3110"},"modified":"2020-04-13T13:26:54","modified_gmt":"2020-04-13T05:26:54","slug":"ambank-forecasts-private-consumption-to-grow-2-2-5-per-cent-in-2020","status":"publish","type":"post","link":"https:\/\/newmalaysiatimes.com\/?p=3110","title":{"rendered":"AmBank forecasts private consumption to grow 2-2.5 per cent in 2020"},"content":{"rendered":"
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KUALA LUMPUR, April 13 –\u00a0Since the enforcement of the\u00a0movement control order (MCO) on\u00a0March 18 to curb the COVID-19 pandemic in the country, discretionary spending has dropped tremendously but\u00a0private consumption growth for 2020 is likely be at around two to 2.5 per cent compared with 7.6 per cent in 2019, said AmBank in its research note today as reported by BERNAMA<\/a>.<\/p>\n

A\u00a0survey conducted by the Department of Statistics Malaysia (DOSM) revealed that spending by\u00a0the T20 segment fell\u00a0by 59 per cent, followed by the M40 (48 per cent) and B40 (41 per cent).<\/p>\n<\/div>\n

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\u201cThe huge fall in the T20\u2019s expenditure was due to the drop in discretionary spending that makes up a huge proportion of their spending, compared to essential goods,\u201d AmBank said.<\/p>\n<\/div>\n

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In the business segments, it said that expenditure in areas like clothing declined 94.9 per cent, transport down by 89 per cent, hotels and restaurant slipped by 86.5 per cent, while\u00a0furnishings,\u00a0household equipment and\u00a0routine household maintenance contracted by 72 per cent.<\/p>\n

Meanwhile, utilities consumption grew by 50 per cent with no change to education and communication levels as a result of access via online platforms.<\/p>\n

Increase in household expenditure on food<\/strong><\/h5>\n<\/div>\n
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AmBank also added that household expenditure on food and non-alcoholic items during the MCO has increased by 27.3 per cent.<\/p>\n<\/div>\n

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\u201cWith the combination of supply chain disruptions, jobs layoffs and uncertainties, the outlook for private consumption, which remains as the anchor of growth, will remain weak, largely supported by spending on necessities during the MCO period,\u201d AmBank said further.<\/p>\n

–\u00a0NMT<\/em><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

KUALA LUMPUR, April 13 –\u00a0Since the enforcement of the\u00a0movement control order (MCO) on\u00a0March 18 to…<\/p>\n","protected":false},"author":1,"featured_media":3112,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[7591,7380,7266],"class_list":["post-3110","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-ambank","tag-covid-19","tag-movement-control-order"],"featured_image_urls":{"full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/04\/ambank.jpg",920,564,false],"thumbnail":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/04\/ambank-150x150.jpg",150,150,true],"medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/04\/ambank-300x184.jpg",300,184,true],"medium_large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/04\/ambank-768x471.jpg",640,393,true],"large":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/04\/ambank.jpg",640,392,false],"1536x1536":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/04\/ambank.jpg",920,564,false],"2048x2048":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/04\/ambank.jpg",920,564,false],"newsium-slider-full":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/04\/ambank.jpg",920,564,false],"newsium-featured":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/04\/ambank.jpg",920,564,false],"newsium-medium":["https:\/\/newmalaysiatimes.com\/wp-content\/uploads\/2020\/04\/ambank.jpg",720,441,false]},"author_info":{"info":["Editor"]},"category_info":"Economy<\/a>","tag_info":"Economy","comment_count":"0","_links":{"self":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/3110","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=3110"}],"version-history":[{"count":6,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/3110\/revisions"}],"predecessor-version":[{"id":3117,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/posts\/3110\/revisions\/3117"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=\/wp\/v2\/media\/3112"}],"wp:attachment":[{"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=3110"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=3110"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newmalaysiatimes.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=3110"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}