29 Performance Revi ew Sect ion 02 Annual Report 2022 MANAGEMENT DI SCUSS ION & ANALYS I S FY2022 marked the first full financial year where the COVID-19 related restrictions on industrial sectors and businesses were lifted. While some safeguards remained, on the whole, businesses could return to full or almost full operations, and this was reflected in the strong economic growth posted at both global and domestic levels. At the global level, positive economic growth was reported at 3.2% year-on-year, underpinned by the recovery in economies across the world, but tempered by various headwinds. In Malaysia, consistent with global recovery trends, the country posted an improved gross domestic product (“GDP”) growth performance of 8.7% on the back of strong recovery in the services, construction, manufacturing and oil and gas sectors. Despite robust GDP growth, businesses still grappled with multiple challenges including inflationary pressures, supply chain disruptions and a continued slowdown public sector expenditure on infrastructure projects. INDUSTRY AND OPERATING OVERVIEW In line with our aspirations, Ranhill has established its Net Zero Carbon by 2050 milestone. Ranhill will progressively align its business strategies and operations to this goal.
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