KUALA LUMPUR, March 29 — Malaysia’s gross domestic product is expected to grow between 4 and 5 per cent in 2023, underpinned by strong consumer spending as the job market and...
KUALA LUMPUR, March 29 — Malaysia’s gross domestic product is expected to grow between 4 and 5 per cent in 2023, underpinned by strong consumer spending as the job market and wages continued to show signs of improvement, Bank Negara Malaysia announced today.
The forecast officially ruled out any concerns of a recession amid a gloomy outlook of the global economy. Stronger than expected growth in hiring and income have helped Malaysia weather the volatility so far, BNM governor Tan Sri Nor Shamsiah Yusof said at a press conference to announce the banks’s 2022 Economic Monitor Report.
BNM said it expects inflation to trend lower by year-end although it would remain “elevated”, forecasting it to be between 2.8 to 3.8 per cent.
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