Malaysia’s economy has been hit by anemic global growth and weak external demand.
The World Bank projects a moderate rise in GDP growth for 2024 at 4.3% from 4.2% previously, says its lead economist for Malaysia Apurva Sanghi.
Noting Malaysia’s sensitivity to changes in external demand, he estimates a 1% fall in the US growth rate could reduce Malaysia’s growth by 0.82%, and a 1% reduction in China’s growth could reduce Malaysia’s by 0.45%. “Indeed 2024 underscores an improvement in growth momentum relative to 2023,” he said at World Bank Group’s East Asia and Pacific October 2023 economic update briefing.
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