The central bank says the Southeast Asian economy is on track due to robust investment, exports and household expenditure.
According to the central bank of Southeast Asian countries, Malaysia’s economy rose 5.1% in 2024 as strong domestic demand and investment offset the recession in the commodity sector.
Gross domestic product (GDP) grew by 5% in the October-December quarter, said Bank of Malaysia on Friday, down from its 5.3% growth in the third quarter, but fell ahead of the 4.8% advance. I stated.
The annual performance showed a significant jump of 3.7% from GDP growth in 2023.
“While the global environment may be challenging in the future, Malaysian economy growth will be driven by a strong expansion of investment activity and increased household spending that is resilient in exports supported by Malaysia’s strong economic foundations. It will be.”
The Bank of Malaysia said inflation in 2024 fell to 1.8% from 2.5% the previous year.
Malaysian Ringgits valued 2.7% against the US dollar, the central bank said, and they also won against the Singapore Dollar, South Korea’s victory and Japanese Yen.
Negara Malaysia Bank said the economic outlook is at risk of slowing the growth of Malaysia’s trading partners amid the threat of trade restrictions and declining commodity production.
“Nevertheless, potential benefits of growth include significant upheavals from high-tech upcycles, more robust tourism activities and faster implementation of investment projects,” the central bank said.