KUALA LUMPUR: According to the latest Malaysia Business and Economic Conditions Survey (M-BECS) report by the Associated Chinese Chambers of Commerce and Industry of Malaysia (ACCCIM), 56.5% of respondents gave a “neutral” outlook on the country’s economic performance for the second half of this year.

25% of respondents, nevertheless, believed the economy would be better.

ACCCIM president Tan Sri Datuk Low Kian Chuan said some 69.5% of respondents felt that their turnovers had recovered during the first half of the year, some even better than pre-pandemic levels.

On the country’s economic conditions during the first half of 2022, 70.4% gave a “neutral” rating while 14.7% said they had improved.

“Overall speaking, 65% of the respondents held a “neutral” attitude towards the country’s whole-year economic performance, 20.5% felt it would be better while 14.5% said it would be worse.”

As for next year’s prospect, 47.7% voted “neutral” while 39.8% believed it would improve.

Low said the outcome could stem from the respondents’ concerns about a global stagflation as well as increased recession risks for the US and Europe economies, monetary crunch and some domestic factors which have suppressed the local business sentiment.

Among the local factors are rising raw material prices, manpower shortage, increased operating cost and the weakening ringgit.