What next for the economy?

The Malaysian economy is likely to see weaker growth, estimated at 4.1%, in 2023 compared to an estimated 8.5% in 2022, reflecting largely the normalisation of technical high-base effects.

THE economy has staged a strong recovery to grow by an average of 9.3% in the first nine months of 2022, partly attributable to a low-base effect, and is estimated to end the year at 8.5% (3.1% in 2021).

The engines of growth were buoyant domestic demand and sustained expansion of exports, robust consumer spending (12.7% growth in January-September 2022) and largely pent-up demand induced by cash/financial assistance stimulus (a total of RM145bil in Employees Provident Fund or EPF withdrawals, Bantuan Keluarga Malaysia and loan repayment assistance).