MARKET OUTLOOK Despite the setback from the emergence of COVID-19 variants and the onset of global economic challenges, the International Monetary Fund (“IMF”) expects global growth of 3.6% in 2022. The 2022 year will likely bring potential recovery growth. Important lessons learned in the face of disruption are to be agile, adopt cutting-edge strategies and reinforce business continuity plans to stay resilient in the decade ahead. In Malaysia, Bank Negara Malaysia (“BNM”) reported economic growth of 5.3% to 6.3% in 2022, underpinned by impressive vaccine rollout, swift implementation of economic recovery plans, and higher private-sector expenditure. Set for a gradual recovery, Malaysia is well-positioned for trade bounce back as the employment rate and consumer sentiments improve, providing a lift to household spending. The reopening of international borders and potential influx of foreign investments would also provide further support to the country’s economic recovery. As seen by the strong performance of the Group’s property development and property management division, we are cautiously optimistic that the property market is on the path to recovery. The Group is also hopeful that the industrywill continue tobe supported by the government’s various stimulus policies. As tabled in the Budget 2022, the abolishment of the real property gains tax (“RPGT”) from the sixth year onwards and the RM2 billion allocations under the Housing Credit Guarantee Scheme, are measures that can be a catalyst to accelerate growth for the property sector. Our signature luxurious project overlooking Kuala Lumpur City Centre: The Residences and W Kuala Lumpur Hotel 61 Annual Report 2021 PERFORMANCE REVIEW 60 TROPICANA CORPORATION BERHAD
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