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Malaysia’s 2023 GDP growth lower than expected

Malaysia’s economy grew at a slower-than-estimated pace in the fourth quarter of 2023, as exports to China fell, signaling that a firmer recovery is taking longer than expected.
Malaysia’s 2023 GDP growth lower than expected ảnh 1Malaysia’s 2023 GDP growth lower than expected (Photo:theedgemalaysia.com)

KualaLumpur (VNA) – Malaysia’s economy grewat a slower-than-estimated pace in the fourth quarter of 2023, asexports to China fell, signaling that a firmer recovery is taking longer thanexpected.

Grossdomestic product (GDP) grew 3.4% in the October-December period from a yearago, according Malaysia’s Department of Statistics (DOSM).

A slowdown in construction and stagnant manufacturing activityweighed on the economy, which grew 3.8% all of last year, below the centralbank’s estimate of about 4% expansion in 2023.

Malaysia isgrappling with falling exports that have been dragged by China’s sputteringeconomy. Shipments of goods abroad fell 10% from a year earlier in Decemberwith sales to China, its largest trading partner, shrinking 1.5%.

Accordingto Malaysia's Ministry of Investment, Trade and Industry, the country's trade in 2023 exceeded 2 trillion MYR (nearly 424 billion USD) for the third consecutive year at 2.640 trillion MYR, but recordeda decrease of 7.3% compared to 2022.

In2023, Malaysia's major trading partners included ASEAN, China, the US, the EU, and Japan. Among them, ASEAN remained an important trade partner, accountingfor 27.3% of the country's total trade in 2023, reaching 720.66 billion MYR.The top three export destinations in ASEAN were Singapore, Thailand, andVietnam, accounting for 78.5% of Malaysia's total export turnover to theregion.

Chinahas been a major trading partner of Malaysia for 15 consecutive years since2009, accounting for 17.1% of total trade. It has also been Malaysia'slargest source of imports since 2011, accounting for a 21.3% share of totalimports by 2023.

Malaysia's Ministry of Finance forecast that the SoutheastAsian country's trade will increase by 5% in 2024 while exports and imports areestimated to increase by 5.1% and 4.9%, respectively.

In addition, 2024 will also witness importantpolitical changes, with major elections expected to take place in Malaysia'simportant trading partners, especially the US, the Republic of Korea, Indonesia, and India, which could have a significant impact on trade andinternational relations./.

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