This is compared with 8.2 per cent growth projection for 2022.
During the RAM Insight Series webinar today titled"Economic Outlook 2023-Choppy Waters Ahead?”, senior economist and head of economic research Woon Khai Jhek said the slower growth was due to the ripple effects of slower global growth, in particular the slowdown in consumer electronic demand which would impact the semiconductor sector.
"So, private consumption will continue to be the main anchor in terms of driving Malaysia’s economic growth and there will be further recovery once the labour market also starts to improve,” he said. "There will also be some upside from the further recovery of some of the laggard sectors as mentioned earlier, like the agriculture and construction sectors, when some of the issues faced by the sectors such as the labour shortages actually be gradually resolved.
Nevertheless, he said the overall growth prospects’ risk remained titled very heavily to the downside dragged down by geopolitical tensions.
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