ADB sees Malaysia’s economy growing 4.7% in 2023, 4.9% in 2024 FMTNews FMTBusiness
Malaysia’s growth exceeded expectations in 2022, buoyed by strong domestic consumption and a rebound in services as borders reopened, said the Asian Development Bank.
The ADB said in its latest Asian Development Outlook report today that Malaysia’s economic performance in 2023 will depend on factors such as spillover from China’s reopening, government policy support, and developments in the electronics industry. On the upside, it said impacts from such downside risks can be countered by stronger growth in the reopened China, recovery in tourism, and continued government support to boost domestic consumption and tame inflation.
According to the ADB, Malaysia’s growth exceeded expectations in 2022, buoyed by strong domestic consumption and a rebound in services as borders reopened and economic activity normalised.
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