Malaysian economy to grow 4.5% to 5.5% in 2024

RAM Ratings estimates that the country’s fiscal deficit to clock in at 4.2% of GDP in 2024, reflecting the fiscal consolidation by the government. — Bloomberg

KUALA LUMPUR: Malaysia’s economic momentum is expected to steadily improve heading into next year, with gross domestic product (GDP) set to grow by 4.5%-5.5% in 2024 from an estimated 4% this year, according to RAM Rating Services Bhd (RAM Ratings).

The economy is expected to benefit from a potential turnaround in external demand, the credit rating agency said in a statement in conjunction with its Economic Outlook 2024 report released yesterday.