Malaysia's economy expands 8.9pc in Q2
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Loading... - Chiaki Makino
- 07 Sep 2022
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The Malaysian economy has grown faster in the second quarter (Q2) of 2022 than the 5.0 per cent posted in Q1, with Bank Negara Malaysia expecting the pace to be even better in the current Q3.
The country’s gross domestic product (GDP) grew 8.9 per cent in Q2, its fastest annual pace in a year, boosted by expansion in domestic demand and resilient exports.
This was faster than the 6.7 per cent growth forecast in a Reuters poll and the 7.0-per-cent median estimate in a Bloomberg survey, positioning Malaysia among the best Asian economies to recover from Covid-19.
Bank Negara governor Tan Sri Nor Shamsiah Mohd Yunus said while GDP was lifted to some extent by the low base from the Full Movement Control Order (FMCO) in June 2021, growth in April and May 2022 was particularly robust.
With the GDP growth in the first half of 2022 at 6.9 per cent, the central bnank expects the Malaysian economy to expand further for the remainder of the year.
Still, Bank Negara is keeping its GDP growth projection at the upper end of its official range of 5.3 per cent to 6.3 per cent for 2022. Nor Shamsiah said this would be supported by private sector spending amid higher tourist arrivals, and recovery in labour market conditions, which would more than offset the moderation in external demand. Read More...
