Consumer confidence rises as inflation dips to 20yr-low in Malaysia
Malaysia’s current account balance remained in surplus, but the size shrank the most to RM0.25b, the smallest quarterly surplus ever recorded since the BOP statistics started in 1QCY99.
In terms of percentage to GDP, the size of current account surplus also dropped to historical low of +0.1% (3QCY23: +2.0% of GDP).
In 2023, Malaysia’s current account registered the smallest yearly surplus of +RM22.8b on record, with the ratio to GDP declining to a new low of +1.3%.
Meanwhile, Malaysia’s GDP growth to pick up to +4.7% in 2024. We forecast Malaysia’s GDP growth will strengthen to +4.7% this year (2023: +3.7%), supported by the external trade recovery and sustained rise in domestic spending.
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“We remain cautious that external developments like slower growth in China, possible recession risk in the US and disruption to global trade from geopolitical tensions could negatively affect Malaysia’s growth prospects. On domestic front, upward price pressures as a result of policy changes could constrain consumer spending because of rising prices and overall cost of living.” says MIDF.
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