Economy to grow at moderate pace of 4% this year

KUALA LUMPUR: Malaysia’s economy is projected to grow at a more moderate pace of 4% this year, with domestic private sector spending is expected to be the main driver of growth amid an expected slowdown in external demand.

According to the World Bank, private consumption is forecast to expand at a slower but still relatively robust rate of 6.7% in 2023, sustained by the ongoing improvement in labour market conditions as well as ongoing household income support from the government.