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Malaysia records over 210 mln USD in flood losses in 2024

The flood-related losses in Malaysia were equivalent to 0.05 % of the nominal gross domestic product (GDP) last year, compared to 0.04% in the previous year.

Hanoi (VNA) – Malaysia recorded overall flood-related losses of 933.4 million MYR (210.58 million USD) in 2024, up from 755.4 million MYR in 2023, the Department of Statistics Malaysia (DOSM) reported on March 19.

The department stated that the flood-related losses were equivalent to 0.05 % of the nominal gross domestic product (GDP) last year, compared to 0.04% in the previous year. The reported losses include the value of damage to living quarters, vehicles, businesses, and industrial premises.

The highest losses were recorded in living quarters, surging to 372.2 million MYR in 2024 from 168.3 million MYR in 2023, followed by public assets and infrastructure at 303.4 million MYR, down from 380.7 million MYR in 2023. Meanwhile, the agriculture sector's losses increased to 185.2 million MYR, up from 120.6 million MYR in 2023.

The business sector recorded 54.1 million MYR losses, climbing from 53.2 million MYR in 2023.

The manufacturing sector experienced the lowest impact at 1.2 million MYR, falling from 10.3 million MYR in 2023.

The DOSM said reinforcing adaptive infrastructure, improving flood defences and optimising resource allocation will be key to safeguarding long-term economic resilience and stability in the coming time./.

VNA
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