World Bank upgrades Malaysia's GDP growth forecast to 4.9%


KUALA LUMPUR: The World Bank has upgraded Malaysia's economic growth forecast to 4.9% in 2024, an increase from its initial 4.3% forecast set in April, according to Apurva Sanghi, its lead economist for Malaysia.

He said both domestic and external factors back the upgraded growth forecast as the global economy is doing much better than expected six months ago.

On the domestic front, he said the positive economic momentum, rising political stability, and an increasingly conducive policy environment that boosts and mobilises more investments, have contributed to the upgraded growth projection.

"Global growth is expected to stabilise at around 2.6% this year, despite ongoing geopolitical tensions and high interest rates, while inflation is receding, so there is a new appetite for growth especially in advanced economies.

"Malaysia is in a good place. In emerging markets in general, (there are) positive trends in consumer confidence, manufacturing and services," he told the media during a briefing of the October 2024 Malaysia Economic Monitor (MEM) at the World Bank office here Tuesday (Oct 8).

"The World Bank projects Malaysia to reach high-income nation status by 2028, but if the ringgit's performance stays at current levels, the goal could be reached a year earlier," Apurva said.

MORE TO COME

Follow us on our official WhatsApp channel for breaking news alerts and key updates!
Malaysia , GDP , Growth , World Bank , Apurva Sanghi

Next In Nation

Man, 62, reported missing since Tuesday found dead
Kelantan gov't to impose RM2,000 fine for irresponsible bulk waste disposal
Al-Sultan Abdullah calls for health awareness during Ramadan
Malaysia pushes for stronger Asean-India cooperation under its 2025 chairmanship
Health Ministry in final stages of discussion on private GP consultation fees
Beaufort district still affected by flooding, 449 people housed in shelters
Community leaders must help explain gov’t policies, achievements, says Anwar
Over 70,000 cattle smuggled across Malaysia-Thailand border in 2024
Sufficient supply of local white rice in supermarkets, says Mohamad Sabu
Community service transcends race and religion, says Sultan of Pahang

Others Also Read