KUALA LUMPUR: More than two-thirds of 500 Malaysians aged above 18 surveyed by Ipsos Malaysia said they think the economy is in recession.
This is in contrast with current economic growth trends.
Malaysia's economy grew 4.2 per cent between the January and March period of this year.
The survey was done between March 22 and April 5, 2024.
Citizens of Singapore and Indonesia are less likely to state that their country is in recession.
According to Ipsos Malaysia, a third of Malaysians feel that their inflation crisis is more severe compared with other countries, affecting their personal financial management.
A fifth of Malaysians claimed that they are living comfortably, which is less than half of Singaporeans and Indonesians claiming the same.
Singapore, Indonesia and Thai citizens are likely to say that their cost-of-living experience is better than neighboring countries.
Additionally, half of Malaysians report that they are only getting by financially.
While the citizens are holding a negative view on the economic situation now, about 45 per cent of Malaysians think that it will be normalised within 2024 and 2025.
Indonesians are more optimistic on inflation normalisation.45 per cent of Malaysians anticipate that the inflation rate will normalise by 2024 or 2025, while 38 per cent expect it to recover later than 2025, and 19 per cent believe inflation will not return to normal levels.
The market research company said there is a distinct gap between Malaysians' perception of the economic situation and the actual economic growth data.
"Compared to Malaysians, Southeast Asian citizens have a more realistic view of their countries' economic situations," it added.
The market research said it is important for the Malaysian public to have regular, clear, and more accurate information communicated to them to ease their concerns about their own financial well-being and the nation's.