MALAYSIAN businesses are prioritising sustainable growth at home as rising costs and inflation encourage a more disciplined approach to hiring and investment, according to a new ASEAN survey.
The findings come from The Great Restructuring: ASEAN Consumer & Business Pulse Survey 2026, published by Reeracoen Group in partnership with Rakuten Insight, which surveyed businesses and consumers across six Southeast Asian markets.
Among Malaysian businesses, 75% identified the domestic market as their biggest growth opportunity, the highest proportion recorded among the six countries surveyed.
The survey also found that employers are becoming more selective in expanding their workforce. About 36% said they are hiring only for critical roles, while just 7% are increasing headcount more broadly.
“Malaysian employers continue to hire for critical roles, but hiring decisions are becoming more focused and aligned with longer-term business priorities,” said Reeracoen Malaysia country manager Yohei Yagi.
“Companies that strengthen operational efficiency while continuing to invest in the capabilities they need for growth will be better positioned to capture opportunities as conditions evolve.”
Businesses are also taking a measured approach to investment, with 16% increasing spending while 46% maintaining current investment levels as they focus on operational priorities and sustainable growth.
The survey suggests that Malaysian companies are placing greater emphasis on strengthening existing operations and managing resources carefully rather than pursuing aggressive expansion.
Consumers, meanwhile, are also adapting to tighter economic conditions.
Some 88% of Malaysian respondents said they are spending more cautiously, with higher food prices cited by 64%, fuel and transport costs by 46%, and household bills by 38% as the biggest pressures on their budgets.
Financial priorities are shifting as well, with 54% looking for additional sources of income and 41% saving more.
Rakuten Insight Malaysia and Thailand country director Collin Leow said the findings point to a pragmatic response from both businesses and households.
“Malaysia’s findings show a market adapting pragmatically to changing economic conditions. Businesses are placing greater emphasis on domestic opportunities and operational discipline, while consumers are adjusting their spending and financial priorities,” he stated.
“Together, these trends point to a more deliberate approach to growth rather than a retreat from opportunity.”
Overall, the survey paints a picture of a market balancing caution with long-term planning, as businesses focus on domestic opportunities, workforce priorities and operational discipline while consumers continue adjusting to higher living costs. ‒ Sept 24, 2026
Main image: HRD Asia
