Kuala Lumpur, April 14 (IANS) The Socio-Economic Research Center (SERC) of Malaysia’s China Chambers of Commerce and Industry has predicted that the Malaysian economy will grow by 4.1 percent in 2023.
On Thursday, the Economic Commission for Europe said in a report that the growth was supported by a more sustainable pace of private consumption, which accounted for 60.2 percent of gross domestic product in 2022.
China’s state news agency Xinhua reported that exports, which have been a strong contributor to the economy, have shown slowing momentum since late 2022.
It is noteworthy that the Malaysian economy achieved a strong recovery growth of 8.7 percent in 2022 after the Covid-19 pandemic.
SERC agreed with Malaysia’s central bank’s assessment that the upside and downside risks to the economy are roughly balanced.
The report said that global economic uncertainty remains high, with regard to the delayed impact of global monetary tightening in some advanced economies, tightening credit conditions, rising consumer inflation and business cost pressures, as well as persistent concerns about the recent banking stress in the United States.
He also said that the slowdown in growth momentum in exports reflects the dampening effect of weak global demand, easing in energy and commodity prices, and the impact of higher underlying effects in 2022.
However, he said that reopening China will help boost domestic tourism, business activities and foreign direct investment inflows from China.
– Jans
int / khz /
