The central bank expects growth to range between 4% and 5% this year.
Bank Negara Malaysia expects headline and core inflation to average between 2.8% and 3.8% in 2023.
However, the growth moderated from 5.6% in Q1 2023 thanks to weaker external demand amid a global technology downcycle, lower commodity production and a high base effect from Q2 2022, the central bank said when unveiling the economic performance for Q2 2023 report today. In the tourism sector, the report said a recovery in tourist arrivals and travel receipts towards pre-pandemic levels was among the factors that have contributed to the Q2 growth.It pointed out that the slowdown in global economic growth, led by tighter monetary policies in major economies as well as a prolonged global technology downcycle were slowing down growth.
Other factors included lower commodity prices, prevailing price controls and subsidies on key necessity items.
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