Economists foresee Malaysian economy to pick up in quarters ahead

KUALA LUMPUR   -   Economists have foreseen the Malaysian economy to pick up in quarters ahead after growth disappoints in 2023. UOB Economics and Markets Research said in a note that although Malay­sia’s first growth path could still be bumpy, growth in the second half is expected to see a meaningful pick-up as global monetary condi­tions are expected to ease and the global economy endeavors a soft landing. “Thus, we maintain our 2024 gross domestic prod­uct (GDP) growth projec­tion at 4.6 percent,” said the research house. The Malaysian government has forecast a GDP growth of 4 percent to 5 percent this year. Meanwhile, RHB Re­search said in a report that it also keeps Malaysia’s GDP forecast at 4.6 percent year on year in 2024 after a growth of 3.7 percent in 2023. It said recent data in­dicates that domestic con­fidence has shown signs of improvement.

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