The central bank says that the Southeast Asian economy on the right track for robust investments, exports and household expenditure in the future.
Malaysia’s economy increased by 5.1% in 2024, while high domestic demand and investments compensate for a slowdown in the raw materials sector, according to the central bank of the country of Southeast Asia.
The gross domestic product (GDP) increased by 5% in the quarter of October-December, said Bank Negara Malaysia on Friday, against growth of 5.3% in the third quarter, but ahead of a prior estimate of 4 , 8%.
Performance from year to year marked a significant leap in relation to GDP growth of 3.7% in 2023.
“In the future, although the global environment can be difficult, the growth of the Malaysian economy will be motivated by a strong expansion of investment activity, resilient household expenses and expansion of exports supported Through the fundamental economic solids of Malaysia, “said the governor of Malaysian bank Abdul Rasheed Ghaffour, said.
Bank Negara Malaysia said inflation fell 1.8% in 2024, compared to 2.5% the previous year.
The Malaysian ringgit appreciated 2.7% compared to the US dollar, said the central bank, and also won against the Singapore dollar, the South Korean yen and the Japanese yen.
The Negara Malaysia bank said that economic prospects were subject to the risk of slowing down the growth of Malaysia business partners in an increased threat of commercial restrictions and the production of lower products.
“Nevertheless, the potential increase in growth includes greater benefits from the technological upcycle, more robust tourist activities and a faster implementation of investment projects,” said the Central Bank.
