Malaysia’s economy outpaces 2023 with 5.2pc growth in first three quarters 2024
Tuesday, 24 Dec 2024 1:25 PM MYT

KUALA LUMPUR, Dec 24 — Malaysia’s economy has sustained strong growth in the first three quarters of 2024, expanding by 5.2 per cent from January to September, said the Department of Statistics Malaysia (DOSM).

Chief statistician Datuk Seri Mohd Uzir Mahidin said the growth signifies a notable improvement from the 3.8 per cent growth recorded during the same period in 2023.

“The robust performance reflects continued resilience despite global uncertainties and is seen as a positive sign for the country’s economic stability.

“Hence, Malaysia’s economy is poised for steady development as 2024 progresses,” he said in a statement on the release of the Malaysian Economic Statistics Review (MESR) Volume 12/2024 report today.

He added that Malaysia’s Industrial Production Index (IPI) posted 2.1 per cent year-on-year (y-o-y) growth in October 2024, driven by manufacturing (3.3 per cent) and electricity (2.5 per cent), while mining declined at 2.8 per cent.

Mohd Uzir noted that on a monthly basis, the IPI bounced back with a growth of 1.7 per cent.

“Simultaneously, the manufacturing sector recorded an increase of 3.0 per cent y-o-y in sales, to RM161.3 billion in October 2024, primarily fuelled by food, beverages and tobacco sub-sector, surging at 11.2 per cent.

“The wholesale and retail trade industry showed a persistent growth in October 2024, which saw sales reaching RM150.1 billion, a 5.5 per cent increase from the previous year,” he said.

Meanwhile, the country’s trade performance remained steady in October 2024, with total trade growing by 2.1 per cent y-o-y to reach RM244.3 billion.

“Exports saw a modest rise of 1.6 per cent, totalling RM128.1 billion, while imports grew by 2.6 per cent to RM116.1 billion,” he said.

Despite a 7.6 per cent dip in the trade surplus, which stood at RM12.0 billion, month-on-month figures were more promising, with exports, imports, and total trade rising by 3.7 per cent, 4.8 per cent, and 4.2 per cent, respectively.

On the labour market, Mohd Uzir emphasised that Malaysia’s labour market continued its positive momentum in the workforce growth as it expanded by 1.7 per cent, rising to 17.27 million from 16.97 million in October 2023, pushing the labour force participation rate up to 70.5 per cent.

“Employment also saw a boost, with a 1.9 per cent increase to 16.72 million,” he said.

He also highlighted that Malaysia’s Leading Index saw a 1.5 per cent y-o-y increase in October 2024, rising to 111.1 points from 109.5 points a year earlier. — Bernama

Source: https://www.malaymail.com/news/money/2024/1...ers-2024/160942

Can songklan and kacapz tok kok till kingdom cumm...

but if doesn't reflect in KLCI and EPF... it's all FAK news..

So our economy doing well? So is it just me that felt the entire market machiem sudah miskin?

5% for developing countries is avg
China last time 8-10% easily
Current India also around 8%

This post has been edited by yehlai: Dec 30 2024, 01:56 PM

madanon syiok sendiri lagi...

this inflation number take into consideration?
lastime food is rm7 per meal now it is rm12 per meal.

there is sure growth la extra RM5 GDP there!

This post has been edited by rootbeer: Dec 30 2024, 01:59 PM

Department of statistics

Ah, the ye olde department of lies

🍟🤭🍷🍿👀

Najib last time said if below 6% is a failure

is 5.2% a lot?

KLCI is up 12% this year

Correct
Your spending = Other people's income

You charging other more expensive also YOY.. Tht's why your income increased

This post has been edited by yehlai: Dec 30 2024, 02:06 PM

PeeN: we could do 10%. Outperform 500 countries

Ice cold statistic. PMX pls resign

Lmao inflationary growth, everything is priced higher yet output/productivity is the same.

Who to check the figures?

PMX: we did well. GDP naik. Next, utilities and petrol to naik as well.

siapa tak percaya
dia macai pn

data syok sendiri lettew

Zaman mahiaddin paling best
Bankrupt 👍🏻

if EPF no >5.75% really a failure

We are at the same page with Indonesia. CPI and PMI contract for few months.

shiok sendiri this govt. lol

The data can be gotten from custom, when you want to do export & import you need to declare to the custom this is where they get your data.
I been working in factory assembly line and this year really non stop production for my semicondoctor test sector.

Wonder how much of those are debt driven

Not sure why, im feeling 2025 will be worst despite all this good news what economy doing well etc.... maybe some are good, many are bad. so gov call it good. dllm

Economy to grow 5 pct in 2025
9 January 2025

KUALA LUMPUR: The Malaysian economy is expected to maintain a sustainable growth rate of 5.0 per cent in 2025 from an estimated

4.9 per cent in 2024, supported by a stable labour market condition, conducive fiscal and monetary policies amid lingering external uncertainties, said an economist.

Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid told Bernama that investment activities are likely to be the main driver for growth as the government is committed to transitioning Malaysia into a developed nation.

In this regard, the Government Linked Investment Companies (GLICs) through the GEAR-uP initiative are set to allocate RM120 billion to direct domestic investment over five years.

“The initiative will unlock Malaysia’s growth potential through investments in high-growth high-value (HGHV) sectors such as the energy transition, advanced manufacturing, especially in the semiconductor industry, and across all life cycles of firms from start-ups and venture capital to mid-tier companies,” he said.

Technology Sector, AI as Growth Catalysts

Mohd Afzanizam said the growing prominence of artificial intelligence has shifted greater focus to the technology sector, positioning it as a key driver for boosting productivity and efficiency in the economy.

He highlighted the development of data centres, driven by significant private sector investment, as a crucial growth catalyst.

“These projects directly benefit industries such as construction, property, energy, water, and other supporting services,” he said, adding that Malaysia’s semiconductor-related exports are expected to align with sustained global demand in 2025.

Citing World Semiconductor Trade Statistics, Mohd Afzanizam said global semiconductor sales are projected to grow at a robust rate of 11.2 per cent in 2025, following a strong 19.0 per cent growth last year.

Government Support for Domestic Growth

Mohd Afzanizam noted that, beyond technology, increased government development expenditure, with a total allocation of RM86 billion for 2025 would also provide significant support for domestic growth.

He said the Public-Private Partnership Masterplan 2030 aims to enhance project governance and accelerate execution.

“Major infrastructure projects under this initiative including motorways, railways, ports, and airports, are set to drive economic development and connectivity,” he added.

Additionally, state-level economic initiatives such as the Johor-Singapore Special Economic Zone (JS-SEZ), the Malaysia IC Design Park in Selangor, and the Blue Economy initiative on the East Coast are expected to serve as key growth catalysts.

Potential Effects of Slower Global Growth on Malaysian Exports and FDI

Mohd Afzanizam identified geopolitics, particularly the ongoing conflict in the Middle East and Ukraine, as the primary concern for 2025, which could significantly impact financial market sentiments and potentially disrupt the supply chain.

He also expressed concerns about the potential United States import tariffs under the new administration, which could exacerbate inflation and compel the Federal Reserve to maintain a restrictive monetary policy stance.

“Domestically, a possible reversal of key economic reforms, especially the rationalisation of fuel subsidies, could undermine market confidence, particularly affecting the ringgit.

“To mitigate these challenges, maintaining the overnight policy rate (OPR) at 3.00 per cent throughout 2025 would be a prudent measure. This approach would help narrow the gap between the OPR and the Federal Funds Rate,” he added. – BERNAMA

Source: https://www.sarawaktribune.com/economy-to-g...-5-pct-in-2025/