Malaysia’s economy forecast to expand 4-5% in 2023

Illustrative image (Photo: VNA)

Kuala Lumpur (VNA) - The Malaysian economy is anticipated to start moderating due to impact of global economic instability in the first months of 2023, the country’s Department of Statistics (DOSM) said on December 29.

Citing the Economic Outlook 2023 by the Finance Ministry, chief statistician Mohd Uzir Mahidin said the Malaysian economy is forecast to moderate between 4-5% in 2023, in line with the International Monetary Fund’s (IMF) global forecast.

In its World Economic Outlook report for October 2022, the IMF projected the global economy to expand by 2.7% in 2023.

Meanwhile, Mohd Uzir said the growth forecast for the Asian region was revised to 4.2% in 2022 from 4.3%, and to 4.6% from 4.9% in 2023, based on the recent Asian Development Outlook Supplement for December 2022.

The country’s inflation rate stood at 4% in November 2022, unchanged from the preceding month, said the DOSM./.

VNA