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PETALING JAYA: The economy’s robust performance in the third quarter of this year (Q3 2024) puts the country on track to achieve the government’s official forecast range of 4.8-5.3% GDP growth for the year, says the finance ministry.
In a statement, the finance ministry also said the 5.3% Q3 2024 GDP growth brought Malaysia’s economic growth for the first nine months of 2024 to 5.2%, compared to 3.8% for the same period last year.
“Exceeding 5% growth for the first nine months of 2024 is a reflection of both business and consumer confidence in the Malaysian economy and the government’s management of the economy,” said Prime Minister Anwar Ibrahim in the statement.
“In spite of global turbulence and uncertainties, Malaysia’s (economic) fundamentals continue to gain momentum, growing from strength to strength.
“This solid footing positions us well to close 2024 on a (strong) note as we advance essential economic reforms,” said Anwar, who is also the finance minister.
He said the government continued to strengthen fiscal management by reducing the fiscal deficit, expanding its revenue base and further optimising government expenditure, including through targeted subsidies on fuel.
Anwar also highlighted Malaysia’s efforts to strengthen and renew bilateral and multilateral cooperation, while maintaining its non-aligned stance, which would yield benefits through enhanced trade and a broader export footprint.
In the statement, the ministry said it will continue to implement measures to reinforce the country’s economic fundamentals to ensure it remains stable.
Earlier today, Bank Negara Malaysia governor Abdul Rasheed Ghaffour announced that the economy grew 5.3% in Q3 2024 thanks to robust investment activities and a continued rise in exports.
He also attributed the growth to an expansion in household spending, as well as favourable labour market conditions and government policy support.