MALAYSIA’s economy recorded a better-than-expected expansion of 5.6% in the first quarter of 2023 driven mainly by private sector expenditure.

Bank Negara Malaysia (BNM) governor Nor Shamsiah Mohd Yunus said the growth in Q1 was supported by further expansion of household spending, continued investment activity, improving labour market and higher tourism activities. 

“The labour market continued to strengthen in the first quarter of 2023 and is expected to remain supportive of domestic demand.

“The whole economy is no longer in crisis and, in fact, continues to gain strength,” she said in Kuala Lumpur today. – Bernama, May 12, 2023.