KUALA LUMPUR, Feb 14 — The Malaysian economy grew by 5.1 per cent in 2024 from 3.6 per cent in 2023, in line with the government’s target of between 4.8 per cent and 5.3 per cent year-on-year.
In a statement today, Bank Negara Malaysia (BNM) said the growth is mainly due to continued expansion in domestic demand and a rebound in exports.
On the domestic front, growth was mainly driven by stronger household spending reflecting favourable labour market conditions, policy measures to support households and healthy household balance sheets., said the central bank.
“In addition, strong investment approvals and further progress of multi-year projects by the private and public sectors, which includes catalytic initiatives under national master plans such as the New Industrial Master Plan, National Energy Transition Roadmap, and National Semiconductor Strategy provided further impetus to investment growth,” said BNM. — Bernama
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