Malaysia's economy grows beyond expectations in Q2
Malaysia's GDP expanded by 5.9% year-on-year in the second quarter of 2024, surpassing the estimates, the Malaysian government and the Bank Negara Malaysia (BNM) have reported.
The headquarters of Bank Negara Malaysia in Kuala Lumpur. Photo courtesy of AFP/VNA.
The country’s GDP in the April-June period also exceeded the 5.8% rise earlier estimated by analysts and the government.
The GDP growth Q2 was driven by stronger household spending, positive labour market conditions and a recovery in exports and investment, said BNM and the Department of Statistics (DOSM) announced at a joint press conference.
BNM Governor Abdul Rasheed Ghaffour said full-year 2024 growth was expected to come in at the upper end of the central bank's forecast of 4%-5%, driven by stronger domestic and external demand.
Household spending will remain the anchor of growth for the rest of this year, with continued expansion in employment and income as well as larger policy support and strong investment activities, he said.
The Southeast Asian nation’s economy grew 3.7% in 2023, slowing significantly from a 22-year record high of 8.7% in 2022.
The government’s data show that Malaysia’s exports increased 3.9% in the first half of 2024. BNM said inflation will remain manageable, even when it tended to pick up following the diesel subsidy cut in June 2024.
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