Malaysia Anticipates Economic Recovery in 2024 with Projected GDP Growth of 4.4% to 4.7%

January 2024

Research firms, including CGS-CIMB, MIDF, and Maybank Investment Bank Research, anticipate a positive trajectory for Malaysia’s economy in 2024. Projections range from 4.4% to 4.7% GDP growth, with the optimistic outlook primarily attributed to resilient domestic demand and a recovery in external trade.

The anticipated economic growth is supported by robust consumer spending, increased government consumption, and private investment, along with recoveries in key sectors like tourism, electronics, and infrastructure development. Additional factors contributing to domestic growth include a slightly expansionary budget for 2024 and initiatives outlined in Malaysia’s economic policies.

However, potential challenges, such as risks related to the Middle East crisis and restrictive global monetary policies, are acknowledged. External factors, including stabilized global monetary policies, China’s recovery, and favorable commodity prices, are seen as positive, but caution is advised regarding the possibility of inflation exceeding 3% due to fuel subsidy rationalization.

(Sources: The Star; The Malaysian Reserve)

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