By Harizah Hanim Mohamed
KUALA LUMPUR, May 17 (Bernama) — Malaysia’s economy remains fundamentally strong despite concerns over rising living costs and the weakening ringgit, largely driven by consumer spending, the tech upcycle, and increased revenue from the travel and tourism industry.
These positive indicators have raised optimism that the economy can expand by a commendable 5.0 per cent in 2024 and grow more rapidly in the coming years.
Optimism surged after Malaysia recorded a satisfactory 4.2 per cent growth in the first quarter of 2024 (1Q 2024), indicating robust economic performance despite widespread concerns over rising costs and a weaker currency.
Bank Negara Malaysia (BNM) has maintained its forecast for the economy to grow between 4.0 and 5.0 per cent this year, encouraged by the strong 1Q 2024 growth.
Following that, Bank Muamalat Malaysia Bhd chief economist Dr Mohd Afzanizam Abdul Rashid expressed optimism that economic…
