Foreign tourists' spending spree to fuel Malaysia's retail industry growth
The sector is projected to see a 6.3% growth in 2022, says Retail Group Malaysia
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RETAILERS in Malaysia that have suffered huge declines in revenue over the past 2 years say they are more optimistic of their business prospects in 2022, following the government's announcement this week to finally reopen international borders on Apr 1.
In its latest industry report released on Wednesday (Mar 9), retail research firm Retail Group Malaysia (RGM) noted that the retail industry is projected to see a 6.3 per cent growth in sales this year, driven mainly by tourism and festive spending.
This forecast is an upward revision from its previous estimate last November of 6 per cent growth for 2022.
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