PUTRAYAJA: Malaysia’s GDP is expected to grow by 4.9 percent in 2024 and 4.7 percent in 2025, up from 3.6 percent in 2023, according to the latest OECD Economic Survey of Malaysia.
Growth is driven by surging domestic demand and a rebound in exports, including in the electronics sector. Inflation is expected to remain stable, at 2.8 percent in 2024 and 2.7 percent in 2025, after 2.5 percent in 2023, thanks to a continued prudent monetary stance in the near term.
Growth in Malaysia has remained robust despite multiple challenges, including the COVID-19 pandemic, supply chain disruptions, and the implications of the war in Ukraine. The economic development has held up supported by strong domestic demand, low unemployment and moderate inflation.
‘Malaysia’s strong economic performance is paving the way for faster convergence in living standards relative to more prosperous countries in the OECD,’ OECD Country Studies Director Luiz de Mello said, presenting the Survey in Putrayaja alongside Malaysia’s Minister
of the Economy Rafizi Ramli. ‘To achieve more inclusive and sustainable growth, the country needs to implement well-targeted social assistance policies, make the most of small enterprises’ productive potential, and gear up its climate efforts.’
Source: Emirates News Agency