The Malaysian economy is projected to perform well in 2024, growing by 5.1% according to Bank Negara Malaysia. This growth is attributed to strong domestic demand, robust investment activity, and expansion in exports, despite challenges such as a downturn in the commodities sector. The GDP growth slowed slightly compared to the previous quarter but exceeded earlier estimates. Inflation also decreased significantly to 1.8%. While the outlook has risks related to global conditions and trade restrictions, opportunities for growth remain through a tech upcycle and increased tourism.
Bank Negara Malaysia Governor Abdul Rasheed Ghaffour stated that while global challenges exist, Malaysia's economic growth will rely on strong investment, household spending, and exports.
The Malaysian economy grew 5.1% in 2024, driven by resilient domestic demand and investment, despite a downturn in the commodities sector, according to the central bank.
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