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Malaysia Q4 GDP growth up 7% on year; not likely to enter recession in 2023: central bank

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Tan Ai Leng

Published Fri, Feb 10, 2023 · 02:20 PM
    • Malaysia's central bank governor Nor Shamsiah Mohd Yunus said the country’s economy is growing at a moderate pace but Malaysia will not go into recession this year.
    • Bank Negara expects Malaysia’s growth to moderate this year due to inflationary pressures, possible escalation of geopolitical tensions and global recessions.
    • Malaysia's central bank governor Nor Shamsiah Mohd Yunus said the country’s economy is growing at a moderate pace but Malaysia will not go into recession this year. BANK NEGARA MALAYSIA
    • Bank Negara expects Malaysia’s growth to moderate this year due to inflationary pressures, possible escalation of geopolitical tensions and global recessions. PHOTO: REUTERS

    [KUALA LUMPUR] Malaysia’s economy exceeded expectations to expand 7 per cent year-on-year in the fourth quarter, partly due to robust domestic demand, said the central bank on Friday (Feb 10).

    The final figure was higher than an average forecast of 6.6 per cent by a group of 21 economists in a Reuters poll. Still, the Q4 growth was far less than the 14.2 per cent recorded in the third quarter, although that was largely due to a healthy rebound from 2021 when the country suffered due to the pandemic.

    At a press conference, Mohd Uzir Mahidin, the chief statistician at the Department of Statistics Malaysia, noted that the fourth-quarter growth was still above the long-term average of 5.1 per cent.

    MalaysiaBank Negara MalaysiaAseanAsean BusinessMalaysia economy

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