KUALA LUMPUR, June 4 – The Malaysian Prime Minister, Datuk Seri Anwar Ibrahim, announced on Friday that the country is expected to achieve a growth forecast of 4.0% to 5.0% for the full year 2023, despite global economic challenges and uncertainties. The optimistic outlook is based on Malaysia’s strong economic base and the implementation of the measures outlined in the Budget 2023. The government will continue to prioritize addressing daily economic challenges and tackling corruption.
The Malaysian economy has already shown positive signs in the first quarter of 2023, growing by 5.6%, according to Bank Negara Malaysia. The service and manufacturing sectors grew by 7.3% and 3.2% respectively, while sustainable domestic demand, particularly in private spending, also contributed to the economic growth. The Ministry of Finance emphasized that Malaysia’s economic growth for the first quarter of 2023 is better than other regional countries.
Such as Indonesia (5%), China (4.5%), and Vietnam (3.3%). Furthermore, Malaysia’s inflation rate for the same period moderated to 3.6% compared to 3.9% in the fourth quarter of 2022. However, the Ministry warned that Malaysia’s GDP growth is expected to moderate in 2023 due to slower external demand, caused by the slowdown in global trade. The extreme climate and the El Nino season, which is predicted to start in June 2023, are also expected to impact economic activities.
Especially in the agriculture and construction sectors. Despite these challenges, Prime Minister Anwar Ibrahim remains confident in Malaysia’s ability to achieve economic growth and maintain full employment levels. The government will continue to monitor economic developments and take measures to ensure a stable and sustainable economic future for the country.
