KUALA LUMPUR: Malaysia’s economic growth will remain modest for the rest of 2024, due to weakening external demand and ongoing global policy uncertainty, says Hong Leong Investment Bank Research (HLIB Research).
The research house maintained its 2024 gross domestic product (GDP) growth forecast at 5% year-on-year (y-o-y).
For 2025, HLIB Research projects sustained growth at the same rate, supported by robust household spending and tourism activity, along with income-boosting measures such as wage hikes for civil servants and an increase in the minimum wage.
“Continued improvement in export activity is also expected to support growth. In addition, further progress on multi-year projects and healthy investment plans will support growth,” the research house said.
Meanwhile, Public Investment Bank Research said Malaysia’s economic growth in the coming quarters is projected to be anchored by strong investment activity and resilient household consumption, supported by resilient exports.
Investment activity would likely gain traction from the ongoing execution of multi-year infrastructure projects in both the private and public sectors, alongside catalytic initiatives under national development plans and increased realisation of approved investments. — Bernama
