Malaysia's economy grows beyond expectations in Q2
Malaysia's GDP expanded by 5.9% year-on-year in the second quarter of 2024, surpassing the estimates, the Malaysian government and the Bank Negara Malaysia (BNM) have reported.
The headquarters of Bank Negara Malaysia in Kuala Lumpur (Photo: AFP/VNA)
Hanoi (VNA) – Malaysia's GDP expanded by 5.9% year-on-year in the second quarter of 2024, surpassing the estimates, the Malaysian government and the Bank Negara Malaysia (BNM) have reported.
The country’s GDP in the April-June period also exceeded the 5.8% rise earlier estimated by analysts and the government.
The GDP growth Q2 was driven by stronger household spending, positive labour market conditions and a recovery in exports and investment, said BNM and the Department of Statistics (DOSM) announced at a joint press conference.
BNM Governor Abdul Rasheed Ghaffour said full-year 2024 growth was expected to come in at the upper end of the central bank's forecast of 4%-5%, driven by stronger domestic and external demand.
Household spending will remain the anchor of growth for the rest of this year, with continued expansion in employment and income as well as larger policy support and strong investment activities, he said.
The Southeast Asian nation’s economy grew 3.7% in 2023, slowing significantly from a 22-year record high of 8.7% in 2022.
The government’s data show that Malaysia’s exports increased 3.9% in the first half of 2024. BNM said inflation will remain manageable, even ౠwhen it tended to pick up following the diese👍l subsidy cut in June 2024./.
Malaysia's digital investment rose to 66.22 billion MYR (14.93 billion USD) in the first half of the year, surpassing 46.2 billion MYR of the whole of last year, a Malaysian official has said.
Malaysia's economy is open and has established cooperative relations with all countries, so it needs to continue playing its role as a “neutral” country with a strong ecosystem in the technology sector to ensure the country remains an investment destination, an official has said.
Malaysia lost a total of 3.18 billion RM (700 million USD) due to online scams that involved more than 95,800 victims between 2021 and April 2024, said Malaysian Digital Minister Gobind Singh Deo.
A participant in the Malaysia Economic Forum 2025 said despite challenges, there are significant opportunities in AI, digital transformation, and green technologies, requiring the country to balance both risk and potential thoughtfully.
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The package, endorsed on June 24, comprises 481 projects designed to boost GDP by an additional 0.4% and generate temporary employment for about 7.4 million people nationwide.
An Indonesian official emphasised that energy security is extremely essential amid global geopolitical and economic fragmentation, highlighting the need for the energy industry to strengthen resilience and responsiveness in the face of fluctuating oil prices and the shift to clean energy.
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The pact covers goods, services, investments, intellectual property rights, customs facilitation, competition policy, sanitary and phytosanitary, trade and sustainable development, government procurement and economic cooperation.
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Investigators believe the operation is part of a broader scam network involving romance scams, where victims are lured into fake relationships and persuaded to transfer money.
Ambassadors, Consuls General, along with staff and their families, joined traditional sports and cultural activities of Southeast Asia and performances bearing regional identity, thus contributing to strengthening unity and the ASEAN community spirit in New York.
In his post on social media the same day, Hun Manet said energy companies would be able to import sufficiently from other sources to meet domestic fuel and gas demands in the country.
