PETALING JAYA: Consumers in Malaysia believe the recession is over and look towards the future with renewed confidence, according to market research firm InsightAsia.

Its Consumer Confidence Index (CCI) for Malaysia rose by 16 points to 112 in the fourth quarter of 2009, lifting the figure above the neutral point of 100 for the first time last year.

Head of CCI Maarten Kallenberg said in a statement that both the economy and personal finance were perceived to be better than a year ago – a first for 2009.

“Additionally, the outlook for the future is more optimistic than previous quarters, continuing an upward trend,” he said.

InsightAsia, which surveys 9,200 people across five Asian countries annually, found that Malaysia’s CCI was ahead of Indonesia (89) and Thailand (87), but behind China (122) and Singapore (124).

Kallenberg said although increased consumer confidence was good news, it did not necessarily mean that private consumption would increase significantly.

“Although Malaysians have become more confident that their income will increase, a more positive attitude towards major purchases is needed to significantly increase consumer spending,” he said.

According to Kallenberg, Asian economies have coped with the impact of the global recession better than expected.

“Most countries have maintained or resumed positive growth, mainly based on the development of their domestic markets,” he added.

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