KUALA LUMPUR: Malaysia’s economy is on track to grow between 5.0 and 5.5 per cent per annum for the remainder of the 12th Malaysia Plan (12MP), driven...
: Malaysia’s economy is on track to grow between 5.0 and 5.5 per cent per annum for the remainder of the 12th Malaysia Plan , driven by domestic demand, particularly private sector expenditure.
In 2023, the Malaysian economy is projected to expand close to the lower end of the 4.0 to 5.0 per cent range. Meanwhile, the construction sector is expected to rebound supported by stronger growth in the civil engineering and residential building subsectors. It added that efforts will also be undertaken to increase the contribution of the modern services subsector by focusing on the ICT services industry and leveraging on financial technology, as one of the initiatives under the Big Bold Digital- and Technology-based HGHV Industry.
“Efforts will also be undertaken on strengthening knowledge-intensive industries, including the machinery and equipment , petroleum as well as chemicals and chemical products to support the growth. According to the report, private investment is expected to grow by 6.4 per cent per annum or an average of RM301 billion per year in current prices, supported by faster implementation of new and ongoing projects across key economic sectors.