Malaysia on track to achieve 4-5% growth this year

Updated 1 year ago · Published on 20 Aug 2024 10:49AM · 1 Comments

Malaysia is on track to achieve its projected GDP growth of 4-5% for the year. – The Malaysian Insight file pic, August 20, 2024.

A ROBUST gross domestic product (GDP) expansion of 5.9% in the second quarter of 2024 is a positive indicator that Malaysia is on track to achieve its growth projection of 4-5% for the year.

Investment, Trade and Industry Minister Tengku Zafrul Abdul Aziz said on X that one of the key factors contributing to the GDP growth in the second quarter was a significant increase in private investment, as investors are increasingly confident about the country’s economic prospects.

“Private investment increased by 9.2% in the first quarter of 2024 and rose by 12% in the second quarter, while the manufacturing sector grew by 1.9% in the first quarter and by 4.7% in the second quarter.

“The New Industrial Master Plan 2030 is already starting to show results,” Zafrul said.

He highlighted that the surge in exports, driven by global demand for Malaysian products, particularly in the electrical and electronics sector, also contributed to the GDP growth in the second quarter of 2024.

“The second quarter of 2024 saw a 3.4% increase in net exports, and the World Semiconductor Trade Statistics has forecast a 16% rise in semiconductor demand this year.

“The implementation of the National Semiconductor Strategy should ensure Malaysia remains a key player in the global semiconductor industry,” the minister said. – August 20, 2024.

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