Study: 68% of M’sians Believe Nation’s Economy is in Recession, 53% are Just Getting by Financially

A recent survey by Ipsos, 1 of the world’s largest market research company, found that most Malaysians have a rather damning perception about the current economic situation in the country.

In its latest Inflation Monitor published on 13 June 2024, Ipsos sought to find out what Malaysians think about the nation’s current inflation and economic situation and compared the same data with our Southeast Asian peers, namely Indonesia, Singapore and Thailand.

7 in 10 Malaysians believe that the country’s economy is currently in recession

For illustration purposes

According to the survey, a whopping 68% of Malaysians believe that the country’s economy is currently in recession.

In contrast, citizens of Singapore and Indonesia are less likely to state that their country is in recession. For reference, 50% of Indonesians believe that their nation is in recession, while only 32% believe that the Republic is in recession.

As for Thailand, the other country in the survey, 66% of its citizens believe that the Kingdom is in recession.

Malaysia actually recorded economic growth and low inflation in Q1 2024

Ipsos noted that Malaysia has the highest percentage of respondents who believe the country is in recession, despite the reality being that the Malaysian economy is experiencing growth.

Sourcing BNM, Ipsos revealed that Malaysia recorded a 4.2% economic growth in Q1 2024 and a low 1.7% inflation during the same period.

53% of Malaysians said that they’re only just getting by financially

Despite that, when asked to describe the cost-of-living crisis experience in Malaysia compared to neighbouring countries, 32% of Malaysians believe that the cost-of-living crisis in Malaysia is worse, the highest percentage in the survey.

Moreover, only 21% of Malaysians said they’re currently living comfortably, the lowest percentage in the survey. In comparison, 48% of Indonesians, 44% of Singaporeans and 29% of Thais said that they’re currently living comfortably.

Malaysia also recorded the highest percentages of people who claimed that they’re currently living in difficulty (24%) and that they’re only just getting by financially (53%).

45% of Malaysians believe that inflation will return to normal by 2025

Source: kwiknews

Nevertheless, despite the mostly negative perception of the country’s economy and cost of living, 45% of Malaysians believe that inflation will return to normal within this year or in 2025.

The survey was conducted from 22 March to 5 April 2024, involving 24,801 online adults under the age of 75 across 33 countries, 500 of which were in Malaysia.

So, what do you guys make of the survey? Share your thoughts with us in the comments!

Also read: Study: Mining Sector Has Highest Median Wage in M’sia at RM6.8k/mth, National Median is RM2.9k/mth