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Malaysian economy posts fastest growth in ASEAN

Malaysia's economic growth is the fastest among six ASEAN countries in the third quarter (Q3) and also in the first nine months of this year, an official has said.
Malaysian economy posts fastest growth in ASEAN ảnh 1Containers of goods at Penang Port in Butterworth town of Malaysia (Photo: AFP/VNA)
Kuala Lumpur (VNA) - Malaysia'seconomic growth is the fastest among six ASEAN countries in the third quarter(Q3) and also in the first nine months of this year, an official has said.

Facilitated by decisive measures intransitioning to endemicity, the country is building resilience to face strongglobal headwinds, caretaker Health Minister Khairy Jamaluddin said in his November13 posting on Twitter.

Citing data from varioussources in ASEAN, he noted Malaysia's gross domestic product (GDP) growth of 14.2%in Q3 and average nine-month GDP growth of 9.36% year on year, which was alsothe highest in the region.

Vietnam's GDP grew by13.67% in Q3, followed by the Philippines (7.6%), Indonesia (5.72%), andSingapore (4.4%). Thailand has yet to announceits Q3 economic performance.

In Q2, the Malaysianeconomy expanded by 8.9%, also the highest among the six ASEAN countries.

Meanwhile, Fitch Solutions Country Risk and Industry Researchhas raised its forecast for Malaysia’s real GDP growth to 8.4% in 2022, from5.9% previously, after the economy expanded by an average of 9.4% in the firstthree quarters of the year.

However, the firm kept its 2023 growth forecast unchanged at4%.

It said over the coming quarters, tighteningmonetary conditions, fading base effects and pent-up demand, as well as aslowing global growth environment will weigh on Malaysia’s economic growthmomentum.

Fitch Solutions noted the real GDP growth came inat 14.2% in Q3, up from 8.9% in Q2, was boosted by strong private consumptionand investment, robust exports, and favourable base effects./.
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