Malaysia is expected to achieve an economic growth rate of about 4.3% this year. (Photo: Xinhua/VNA) Kuala Lumpur (VNA) – Malaysia’s Institute forDemocracy and Economic Affairs (IDEAS) on March 6 held a “Malaysia Outlook Conference 2024:Ensuring Stability Delivers” which attracted researchers, scholars, and themedia.
The event included three discussion sessions on the country’smajor issues of politics, economics, and the future of the region.
Discussing the future of the country’s economy, experts fromthe World Bank (WB) forecast that Malaysia can achieve an economic growth rate ofabout 4.3% this year if this Southeast Asian country can overcome the challenges ofbalancing economic growth and sustainable development.
Julia Goh, senior economist, Vice President of GlobalEconomics and Market Research at United Overseas Bank (UOB), said that althoughMalaysia has had many leadership changes in the past few years, its economystill witnessed many positive signs, with FDI inflows in 2021 doubling comparedto the three previous years. At least 85% of its plan has been implemented andthe total project investment approvals reached a record in 2023. In addition,diversifying the supply chains has helped cash flow to Southeast Asia andMalaysia is also a country that benefits from the global supply chain shift.
She said that Malaysia should focus on improving skills for workers, and nurture talents while ensuring rights for alldifferent ethnic groups equally.
Regarding the green economy, scholars at the conferenceagreed that high costs are a challenge to Malaysia's green economic developmentgoals. A sustainable green economy requires large capital investments intechnology. Therefore, Malaysia now needs to research and identify industriesand fields that need to be prioritised for immediate development, which willhelp the country’s production to meet standards set by the European Union(EU)./.
