{"id":61689,"date":"2024-02-16T16:20:06","date_gmt":"2024-02-16T08:20:06","guid":{"rendered":"https:\/\/www.imoney.my\/articles\/?p=61689"},"modified":"2024-02-16T18:57:45","modified_gmt":"2024-02-16T10:57:45","slug":"malaysia-missed-gdp-growth","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/malaysia-missed-gdp-growth","title":{"rendered":"Malaysia’s GDP Growth For 2023 Revealed, Missed 4% GDP Growth Target"},"content":{"rendered":"

The Department Of Statistics Malaysia has released the growth rate of of the gross domestic product (GDP) for last year, and just as the economists predicted, Malaysia has missed the 4% growth mark set by Bank Negara Malaysia last year.<\/span><\/p>\n

In a Facebook post from the Department of Statistics Malaysia, they released a chart revealing that Malaysia’s GDP growth for the fourth quarter and the full year of 2023 capped at 3.7% and 3.0% respectively.<\/p>\n

Before the reveal, economists have already stated that they expect the GDP growth to miss the target set by BNM, due to multiple factors.<\/p>\n

According to a report from NST<\/a>, economists has already expected that the fourth quarter and full-year figures will miss the growth target, which was set at 4.1% GDP growth and 4.0% GDP growth, respectively.<\/span><\/p>\n

According to Bank Muamalat Malaysia Bhd\u2019s Chief Economist, Dr Mohd Afzanizam Abdul Rashid, a weak external demand was the chief culprit that affected the growth of Malaysia\u2019s GDP last year.<\/span><\/p>\n

This can be seen in the contraction of the manufacturing industrial production index (IPI) of 0.2% in the fourth quarter.<\/span><\/p>\n

His sentiments were echoed by OCBC Bank\u2019s senior Asean economist Lavanya Venkateswaran.<\/span><\/p>\n

However, Lavanya was more optimistic about Malaysia\u2019s forecast, as she said that there could be a modest upward revision to the fourth quarter GDP growth estimate to 3.6%, instead of the estimated 3.4%.<\/span><\/p>\n

Malaysia University of Science and Technology economics professor Geoffrey Williams said that the Statistics Department’s advance estimates are often a good indicator of the final outcome.<\/span><\/p>\n

He explained that the reason for the missed expected growth is due to the fact that the estimate assumes the economy will return to pre-pandemic levels.<\/span><\/p>\n

However, Williams was quite optimistic about the coming year, saying that he expects Malaysia to reach the targeted growth in 2024.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

DOSM have revealed Malaysia’s GDP growth for last year, and it shows that Malaysia has missed the set target for 2023.<\/p>\n","protected":false},"author":51,"featured_media":58522,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271,216],"tags":[521,1156,323,1236,1107],"class_list":["post-61689","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news-updates","tag-bank-negara-malaysia","tag-dosm","tag-economy","tag-gdp","tag-malaysia"],"acf":[],"yoast_head":"\nMalaysia GDP Growth For 2023 Revealed, Misses Target<\/title>\n<meta name=\"description\" content=\"DOSM have revealed Malaysia's GDP growth for last year, and it shows that Malaysia has missed the set target for 2023.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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