Despite hiccups brought by the volatile global environment in the first half of 2023 (1H2023), Malaysia’s economy is set to navigate through the second half journey on continuous support from strong households, intact economic fundamentals and improved outlook.
Economic experts are in view that the gross domestic product target of between four and five per cent sets by the government for 2023 is achievable and the country is on track to realise it.
"Such trend is very much in line with the reopening of the economy since October 2021 and this has been instrumental to the livelier economic activity,” he told Bernama. Newly-appointed Bank Negara Malaysia governor Datuk Abdul Rasheed Ghaffour recently told Bernama that the central bank is still maintaining its forecast for the country’s GDP growth this year as domestic demand remained resilient.Manulife Investment Management chief investment officer, Asia fixed income, Murray Collis said inflation across the Asian region has been relatively well contained as compared to developed-world counterparts.
After four consecutive hikes in 2022, totalling 100 basis points , and two consecutive pauses in early 2023 at 2.75 per cent, BNM had on May 3 unexpectedly raised the overnight policy rate by 25 bps to match the pre-pandemic level of three per cent. Meanwhile, Standard Chartered global chief investment officer Steve Brice on July 13 said the expected recession in the US has delayed and likely hit the country by the first quarter of next year, which lead to Fed cutting interest rates.
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