KUALA LUMPUR, July 9: Sarawak’s status as a high-income state for the second consecutive year by the World Bank, proves Sarawak is on the right track toward its vision of becoming a developed region by 2030.
Global Chief Economist of Juwai IQI, Shan Saeed also attributed this success to the region’s frozen gold, its Liquefied Natural Gas (LNG), which has attracted global investors among its ranks.
“The reason is simple — the fastest growing economies like Indonesia, Vietnam, China, India and Cambodia are all looking for LNG for energy support and to spur growth in the long run support.
“Meanwhile, we at Juwai IQI expect oil prices to meander around $91 to $147/barrel in 2024,” he told TVS.
According to LNG experts, the LNG boom is expected to add up to $77 billion in the U.S economy by 2040, while others have also estimated that the demand for LNG will also hit 50 percent by 2040.
Shan also noted that Sarawak continues to draw investment in its real estate and tourism industries due to its political stability.
“The Sarawak real estate market remains solid and continues to grow in a structured manner.
“Among others, tourism is picking up fast and lot of tourists from Japan, China, Korea, Japan, Europe are coming in a big numbers,” added Shan.
The World Bank reported on July 6 that Sarawak has achieved high income status in the 2022-2023 country classifications by income level, with a gross national income (GNI) per capita of more than US$13,205. – TVS
