KUALA LUMPUR: Hong Leong Investment Bank (HLIB) has revised its 2024 gross domestic product (GDP) forecast for Malaysia upward to 5.0 per cent from 4.8 per cent previously.
In a note today, the investment bank expects the economic expansion to be sustained in the second half of the year (2H2024), backed by higher household spending and tourist arrivals, as well as supportive income measures such as the civil servant wage hike and the Employees Provident Fund (EPF) Account 3 withdrawals.
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