Malaysia’s stronger-than-expected growth in the second quarter has led the Fitch research house to revise up its 2024 growth forecast for the Southeast Asian country to 4.7 percent from 4.4 percent.
BMI Country Risk and Industry Research has said in a note that it sees resilient domestic demand to support Malaysia’s growth.
It also expects investment across the private sector in Malaysia to be supported by increased capital expenditure across machinery and equipment.
While Malaysia’s export growth held up well in the second quarter, it is believed that the external sector will weaken in the second half of the year.
Last Friday, the Malaysian central bank announced that Malaysia’s real growth domestic product (GDP) expanded 5.9 percent year on year in the second quarter, the fastest pace in six quarters, and faster than BMI’s 5.4 percent forecast or consensus expectations of 5.8 percent.
The Malaysian government has expected the economy to grow between 4 percent and 5 percent.
