MALAYSIA’S GROWTH MOMENTUM REMAINS ROBUST
The Malaysian economy can be expected to have maintained robust growth in Q4 2023, supported by resilient domestic demand and stable labour market conditions. However, the growth momentum in 2023, when measured on a year-on-year basis, decelerated largely due to weak external demand stemming from subdued global economic conditions, declining commodity prices, geopolitical uncertainties, and a sluggish outlook in the global semiconductor markets. The advance GDP estimates released by DOSM forecasted a 3.4% year-on-year expansion for the Malaysian economy in Q4 2023. MIER estimates full year GDP growth for 2023 at 3.8%.