KUALA LUMPUR: RAM Rating Services Bhd (RAM Ratings) expects Malaysia’s economy to record a positive growth of 4.5 per cent to 5.5 per cent in 2024 as the labour market remains robust, powering domestic demand.
Recent data indicates tentative signs of the current electrical and electronic downturn bottoming out, potentially lifting exports next year, it said in a statement following the release of its Economic Update 2023 report.
"Bets are now increasingly on a soft landing for the United States economy, leading to possibly less severe global slowdown,” the rating agency said. Overall, it said GDP growth decelerated to 4.2 per cent year-on-year in 1H 2023 as global trade eased off and the semiconductor downcycle bit into exports.
"Domestic demand, the key driver of economic growth, was also softer at 4.5 per cent in 1H 2023 compared to 9.9 per cent in 2H 2022, as spending behaviour normalised,” it said.
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