This year could see Malaysia’s gross domestic product growth moderate from the expected 8.4% for 2022 to 4% in 2023.
The team said Malaysia has been a clear regional outperformer in a turbulent 2022, experiencing a GDP year-on-year growth of 14.2% for the first nine months of last year, making it Asean’s top performer for the second consecutive quarter in the third quarter of 2022 .
The team said Malaysia’s booming domestic demand has been the main growth driver, reflecting a continued reopening tailwind. He expects high amounts of foreign direct investments continuing to pour into the country that would lead to further expansions in its export capacity. “In particular, core inflation recently overshot 4% y-o-y, reflecting booming local demand. A large part of the inflation trajectory in 2023 will depend on the new Budget .
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