Malaysia’s Economy Expanded Faster Than Expected in Q1/22

The Bank of Malaysia (BNM) said the Malaysian economy grew better in Q1 2002 thanks to recovering demand and a stronger labor market.

Malaysia’s GDP grew 5% in 1Q22, more than the 4% expected by economists, and better than the 3.6% in 4Q21.

Bank of Malaysia Governor Nor Shamsiah Mohamad Yunus said the central bank also took into account factors related to the Russia-Ukraine war when forecasting the economic outlook. And growth in 2022 is expected to be driven by the continued expansion of domestic and foreign demand.

However, according to Ms. Nor Shamsiah, there is still a risk that China will seal off more key cities to contain the spread of COVID-19, which could lead to a long disruption in the supply chain.

The Bank of Malaysia has left its economic growth forecast for 2022 at 5.3%-6.3%.

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