KUALA LUMPUR: Maybank Investment Bank’s (Maybank IB) projection of 4.4 per cent growth for Malaysia’s economy in 2024 (2023: 3.9 per cent) is a mean reversion as the economy grew slower in 2023 due to the extraordinary base effect when growth surged almost nine per cent in 2022 with the opening up of the economy in the wake of the Covid-19 pandemic.
Maybank Group chief economist Suhaimi Ilias said the reason for the projected growth outlook is due to a combination of factors such as resilient consumer spending, continued positive momentum in investment growth, and an expected rebound of exports of goods and services.
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