KONTAN.CO.ID - KUALA LUMPUR. Malaysia's economy grew slower than expected in the fourth quarter of 2023 as exports remained subdued, the central bank said on Friday, though it expects growth to improve this year on the back of a recovery in external demand. Bank Negara Malaysia (BNM) said the 3% year-on-year growth in gross domestic product during the October-December period was driven by improving labour market conditions and easing cost pressures. "Growth in 2024 will be driven by resilient domestic expenditure and improvement in external demand," the central bank said in a statement.
Malaysia's Economy Finishes 2023 on Softer Footing Amid Weak Global Demand
KONTAN.CO.ID - KUALA LUMPUR. Malaysia's economy grew slower than expected in the fourth quarter of 2023 as exports remained subdued, the central bank said on Friday, though it expects growth to improve this year on the back of a recovery in external demand. Bank Negara Malaysia (BNM) said the 3% year-on-year growth in gross domestic product during the October-December period was driven by improving labour market conditions and easing cost pressures. "Growth in 2024 will be driven by resilient domestic expenditure and improvement in external demand," the central bank said in a statement.