Malaysia’s economy to grow at moderate pace in 2023
The Statistics Department says the Malaysian economy is projected to grow at a more moderate pace this year following a strong recovery in 2022, as economies around the world continue to struggle to sustain growth. – The Malaysian Insight file pic, February 28, 2023.
Chief statistician Dr Mohd Uzir Mahidin said Malaysia’s merchandise trade is predicted to continue growing in 2023, albeit at a slower rate. “Following slower external demand and diminished low-base effect, the manufacturing sector is foreseen to enter a moderate phase in 2023. The ongoing global uncertainty is also expected to influence economic and social activities as well as the labour market,” he said in a statement today.
Looking at global economic scenario, the department said continuous worldwide inflation has eroded purchasing power and consumers are taking a cautious stance on spending, hence impacting economic performance.
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