RAM projects 4%–5% GDP growth for 2023

RAM Ratings' Woon Khai Jhek says private consumption will continue to be the main catalyst driving economic growth, going forward. — AFP

PETALING JAYA: Malaysia’s gross domestic product (GDP) growth rate is expected to remain respectable in 2023 but will be at a slower rate year-on-year (y-o-y) and supported by the country’s broad and diversified domestic economy, says RAM Ratings Services Bhd.

RAM Ratings senior economist and head of economic research Woon Khai Jhek estimated GDP for the fourth quarter of this year to come in at around 5.1%, with full-year growth reaching 8.2%. He added private consumption will continue to be the main catalyst driving economic growth, going forward.