BMI revises Malaysia GDP forecast down to 4% this year

KUALA LUMPUR: BMI, a Fitch Solutions company, has revised downward its forecast for Malaysia’s real gross domestic product (GDP) growth to 4.0 per cent in 2023, from 4.2 per cent previously.

BMI said the weaker-than-expected reading for the second quarter 2023 (2Q 2023) leaves its previous 2023 growth forecast of 4.2 per cent looking too upbeat, as it suggests that the local economy must grow by an average of 4.1 per cent year-on-year (y-o-y) in the second half of this year (2H 2023).