Malaysia's economy expanded by 5.1 percent in 2024, exceeding the government's target, fueled by robust domestic demand and a revival in exports.
The Malaysian economy demonstrated strong performance in 2024, expanding by 5.1 percent, a significant increase from the 3.6 percent growth recorded in 2023. This positive trajectory aligns with the government's projected growth rate of 4.8 percent to 5.3 percent year-on-year. Bank Negara Malaysia ( BNM ), the nation's central bank, attributed this robust growth primarily to sustained expansion in domestic demand and a resurgence in exports.
On the domestic front, BNM highlighted the pivotal role of robust household spending, fueled by favorable labor market conditions, government policies aimed at supporting households, and healthy household balance sheets. Furthermore, strong investment approvals and the continued progress of multi-year projects across both the private and public sectors, including key initiatives under national master plans such as the New Industrial Master Plan, National Energy Transition Roadmap, and National Semiconductor Strategy, provided significant impetus to investment growth.Externally, exports experienced a rebound driven by steady global growth, a persistent tech upcycle, and an increase in tourist arrivals and spending. These factors contributed to a sustained current account surplus of 1.7 percent of gross domestic product (GDP) in 2024, compared to 1.5 percent in 2023. BNM noted that in the fourth quarter of 2024 (4Q 2024), GDP expanded by 5.0 percent (compared to 5.4 percent in 3Q 2024), primarily driven by domestic demand. The central bank attributed this to sustained investment activity, underpinned by the realization of new and existing projects. Household spending remained resilient, supported by positive labor market conditions and continued policy support. In the external sector, exports of goods and services continued to grow, while import growth for capital and intermediate goods moderated
MALAYSIA ECONOMY GROWTH DOMESTIC DEMAND EXPORTS BANK NEGARA MALAYSIA BNM INVESTMENT TRADE
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