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Malaysia's GDP Growth Surprises as Recovery Accelerates.
In: Bloomberg.com, 2024-05-17, S. N.PAG
Online
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Zugriff:
Malaysia's economy grew faster than expected in the first quarter of 2024, with gross domestic product expanding by 4.2%. This growth was driven by private spending and a rebound in exports. The services sector and manufacturing output were strong contributors to the economy, and better-than-expected performance in the farm and construction sectors also lifted overall growth. The Malaysian central bank expects continued growth, with consumer spending improving due to higher income levels, sound balance sheets, and government support. The outlook for Malaysia's economy in 2024 looks brighter, with a recovery in China expected to boost the manufacturing sector and increase tourist arrivals and investment. The risk of slowing domestic spending is also fading, as the government is not rushing to cut fuel subsidies. The central bank anticipates that inflation may average up to 3.5% this year if subsidies are phased out gradually. The subsidy reforms are expected to have positive long-term effects, making household spending more fuel efficient and encouraging investment in green energy. Malaysia's economic expansion is projected to accelerate to 4.2% this year, according to Oversea-Chinese Banking Corp. The central bank has been encouraging the repatriation of foreign investment income to support the local currency, and these efforts have led to more consistent flows into Malaysia's foreign-exchange market. The Malaysian ringgit has performed well in Asia this month, despite expectations of higher borrowing costs in the US. [Extracted from the article]
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Malaysia's GDP Growth Surprises as Recovery Accelerates.
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Autor/in / Beteiligte Person: | Shukry, Anisah |
Zeitschrift: | Bloomberg.com, 2024-05-17, S. N.PAG |
Veröffentlichung: | 2024 |
Medientyp: | serialPeriodical |
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