Bait Al Amanah (House of Trust) published an op-ed titled 'Malaysia’s Economic Outlook for 2024 ' authored by Chong Yoong Wen (Research Assistant)
Summary and highlights:
After a rocky 2023 filled with inflationary expectations, OPR hikes and a depreciating ringgit, Malaysians are eager to enter 2024 stronger economically.
Drawing upon data and expert forecasts, Malaysia’s economic prospects for 2024 are optimistic.
GDP growth for 2024 is set to range between 4% and 5%
Our tourism sector is bouncing back to pre-pandemic capacity, with 2023’s estimated receipts at 88% of 2019’s receipts
Unemployment is trending downwards back to pre-pandemic levels
The government is poised to gradually roll back blanket subsidies (such as for petrol), moving towards targeted ones as set out in Budget 2024
Inflation has slowed down in 2023 at 2.9% YoY (Q3 2023), and MOF has predicted 2024’s inflation to be between 2.1% and 3.6%
Their op-ed was published on the The Malaysian Insight.
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