3% growth forecast for third quarter

Professor Williams says 3Q23 GDP growth rate could fall in the range of between 2.7% and 3.3%.

PETALING JAYA: With Bank Negara set to release the gross domestic product (GDP) growth figures for the third quarter (3Q23) tomorrow, all eyes will understandably be on whether the latest numbers will support the government’s growth projection of 4% to 5% for 2023.

This comes against the now-familiar backdrop of continued reliance on domestic demand, evidenced by a significant year-on-year (y-o-y) drop in the Business Confidence Index to 79.7 in 3Q23 from 99.8 of the corresponding three months a year ago as export orders declined.