مجلة الاقتصاد والمالية
Volume 11, Numéro 1, Pages 261-275
2025-01-01
Assessment Of The Service Sector’s Performance In Malaysia During The Period 2020-2023
Authors : Mekarssi Lemya .
Abstract
This study examines the performance of Malaysia's services sector during the period 2020-2023, focusing on subsector analysis in order to clarify the sector’s role in the Malaysian economy and analyse the different responses of sub-sectors to external shocks and varying growth paths. The study employs a descriptive analytical approach using quarterly secondary data from the OpenDOSM database. The results showed that Malaysia's service sector is a key engine of economic growth, significantly contributing to GDP (59%). The study also reveals that despite significant COVID-19 impacts, the services sector demonstrated remarkable resilience, with gradual recovery and positive growth across all subsectors post-pandemic. However, performance varied significantly among subsectors, with ICT showing consistent growth, while sectors like Wholesale & Retail Trade and Recreation exhibited high volatility. The analysis identifies key growth drivers including government policies, consumer confidence, pent-up demand, and technological advancements.
Keywords
service sector ; subsectors ; external shocks ; Malaysia
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