OUTLOOK
The ongoing economic expansion highlights Malaysia’s strong fundamentals and investor confidence, with positive momentum anticipated to accelerate throughout 2024. Key strategies contributing to this growth include the National Energy Transition Roadmap, the New Industrial Master Plan 2030, and the Twelfth Malaysia Plan. Additionally, economic resilience will be bolstered by domestic expenditure, robust household spending supporting employment and wage growth, and sustained tourist arrivals and spending.
For 2024, the GDP growth for 2024 is projected to be between 4% and 5%. Headline inflation is expected to remain moderate between 2% and 3.5%, while core inflation is anticipated to be between 2% and 3%. Inflation is expected to rise in 2H 2024, partly due to the rationalisation of fuel subsidies.
The outlook for the remainder of the year will be influenced by domestic subsidies and price control policies, as well as global commodity prices and financial market conditions.
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