In 2023, Penang’s GDP growth was below the national average due to contraction of manufacturing sector (–0.5%) caused by reduced global demand for semiconductor.
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Fortunately, the state’s construction sector had a sharp increase, contributing to Penang’s GDP per capita rising to the third highest in the country.
Penang did right to kickstart the construction of the Silicon Island in 2023 that has created new jobs and stimulated the economy.
Lesson: Necessary to continue diversifying Penang’s economy to build resilience for the state to withstand the impact from uncontrollable foreign factors.
Joshua Woo Sze Zeng
ADN Pulau Tikus
