Malaysia's economic growth is the fastest among six ASEAN countries in the third quarter (Q3) and also in the first nine months of this year, an official has said.
Facilitated by decisive measures in transitioning to endemicity, the country is building resilience to face strong global headwinds, caretaker Health Minister Khairy Jamaluddin said in his November 13 posting on Twitter.
Citing data from various sources in ASEAN, he noted Malaysia's gross domestic product (GDP) growth of 14.2% in Q3 and average nine-month GDP growth of 9.36% year on year, which was also the highest in the region.
Vietnam's GDP grew by 13.67% in Q3, followed by the Philippines (7.6%), Indonesia (5.72%), and Singapore (4.4%). Thailand has yet to announce its Q3 economic performance.
In Q2, the Malaysian economy expanded by 8.9%, also the highest among the six ASEAN countries.
Meanwhile, Fitch Solutions Country Risk and Industry Research has raised its forecast for Malaysia’s real GDP growth to 8.4% in 2022, from 5.9% previously, after the economy expanded by an average of 9.4% in the first three quarters of the year.
However, the firm kept its 2023 growth forecast unchanged at 4%.
It said over the coming quarters, tightening monetary conditions, fading base effects and pent-up demand, as well as a slowing global growth environment will weigh on Malaysia’s economic growth momentum.
Fitch Solutions noted the real GDP growth came in at 14.2% in Q3, up from 8.9% in Q2, was boosted by strong private consumption and investment, robust exports, and favourable base effects./.