Malaysian Economy Projected to Grow in 2023 and 2024, Says Central Bank

Kuala Lumpur – The Governor of Bank Negara Malaysia (BNM), Abdul Rasheed Ghaffour, has projected that the Malaysian economy is likely to grow by 4% in 2023 and between 4-5% in 2024. Speaking to the press following a meeting where the country’s GDP for the third quarter was announced, Rasheed expressed confidence in the strength and potential of Malaysia’s economic fundamentals to support growth in the coming years. He highlighted that the country’s GDP had surpassed pre-pandemic levels, reflecting the robustness of the economy.

According to Vietnam News Agency, The Malaysian economy registered a growth of 3.3% year-on-year in the July-September period, as per data released by the BNM. This growth, higher than the 2.9% seen in the second quarter, was primarily driven by strong domestic spending. Rasheed also addressed concerns about the Malaysian ringgit, which has depreciated approximately 6% against the US dollar this year. He downplayed these concerns, stating that the currency’s performance does not fully reflect the underlying strengths of the Malaysian economy.