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TA Securities predicts 5% growth for Malaysian economy in 2024


Nov 20, 2023

rewrite this content and create paragraphs KUALA LUMPUR (Nov 20): TA Securities Research sees the Malaysian economy growing at a more robust Gross Domestic Product (GDP) growth trajectory of 5.0% in 2024.In a note on Monday, the research house said this optimistic outlook is fuelled by the expectation of a sustained global economic recovery, particularly in China, which is poised to drive heightened external demand.TA Securities said Malaysia’s real GDP increased by 3.3% year-on-year (y-o-y) in the third quarter of 2023.The research house said the growth came above its revised expectations during the GDP preview and the 3.2% median forecast of analysts polled by Bloomberg.It said the Malaysian government’s unwavering commitment to pro-growth initiatives is expected to persist, further supported by increased political stability.TA Securities said this, in turn, has the potential to bolster confidence among foreign investors, potentially resulting in a greater influx of capital and portfolio investments.“At present, we maintain our 4.6% y-o-y growth projection for the fourth quarter, aligning with an updated annual growth target of 4.0%.“In our earlier GDP preview report, we anticipated the possibility of growth dipping below 4.0%, citing possibility for a weaker third-quarter growth, but it outperformed.“Nevertheless, we remain vigilant and open to adjustments, which will be made periodically, especially in response to any significant setbacks in the country’s economic trajectory,” it said.

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