A joint report by ACCA and MIA
This report is based on a survey jointly commissioned by MIA (Malaysian Institute of Accountants) and ACCA (Association of Chartered Certified Accountants) to provide insights from the community of accountants and finance professionals on the business and economic outlook in Malaysia for 2019.
The survey was conducted online between 23rd November and 9th December 2018, and garnered responses from 399 accountants and finance professionals in Malaysia.
One of the standout factors that respondents believe could negatively affect businesses in 2019 is the rising cost of living and low wage growth.
The impact on the Malaysian economy of the Belt and Road Initiative (BRI), BREXIT and US-China trade tensions are each considered by survey respondents. With BRI considered to have a broadly positive impact, BREXIT having minimal impact, but concern around the potential large scale negative impact any escalation in US-China trade tensions could bring.
Hiring the right talent, regulatory challenges and rising operating costs are some of the top challenges facing businesses.
Digital trends are among the most important developments that businesses need to embrace in the next five years. 80% and 59% of respondents respectively believe that digital revolution and transformation as well as increase usage of automation and artificial intelligence will affect businesses.