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Malaysia’s GDP expected to grow 4.2% this year

Malaysia’s gross domestic product (GDP) is set to moderate to 4.2% in 2023 amid external headwinds and tightening of monetary policy in many economies, said the Malaysian Industrial Development Finance Berhad) MIDF Research.
Malaysia’s GDP expected to grow 4.2% this year ảnh 1Malaysia’s gross domestic product (GDP) is set to moderate to 4.2% in 2023 amid external headwinds and tightening of monetary policy in many economies. (Photo: AFP)
Kuala Lumpur (VNA) - Malaysia’s grossdomestic product (GDP) is set to moderate to 4.2% in 2023 amid externalheadwinds and tightening of monetary policy in many economies, said the MalaysianIndustrial Development Finance Berhad (MIDF) Research.

In a note, the research house said thesofter growth is mainly due to the deceleration in external trade performance,considering the anticipated slowdown in global demand.

Due to higher interest rates, pessimistic business sentimentas reflected in S&P Global PMI surveys and elevated inflationary pressures,as well as domestic demand in the United States and European Union, will dampenthis year, it said.

MIDF Research said Malaysia’s real exports growth isprojected to expand partially supported by improvingservices exports via tourism activity, noting that China's earlier-than-expected reopening will provide an extra boost to Malaysia’s services exports aswell as tourism activity.

Earlier, Bank Negara Malaysia governor Tan Sri NorShamsiah Mohd Yunus announced that Malaysia’s economy recorded abetter-than-expected expansion of 5.6% in the first quarter of 2023 drivenmainly by private sector expenditure.

She said the growth in 2023 was supported by furtherexpansion of household spending, continued investment activity, improvinglabour market and higher tourism activities.

Bank Negara Malaysia also announced that the economyis no longer in crisis and continues to gain strength./.

VNA
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