Malaysia’s GDP grows 14.2% in Q3/22 after recovery in demand

According to the Malaysian central bank, the Malaysian economy grew at double-digit rates for the first time in more than a year, driven by higher domestic demand and strong exports.

Malaysia’s gross domestic product (GDP) grew by 14.2% year-on-year. This was stronger than the 8.9% growth in the second quarter, with GDP in the third quarter growing at the fastest pace since the second quarter of 2021.

According to the Reserve Bank of Malaysia, third quarter GDP figures were supported by the continued recovery in demand and the labor market, including strong exports and the government’s continued application of economic stimulus measures.

The Governor of the Reserve Bank of Malaysia said in a press release, “Considering the strong growth this year. We expect the economy throughout 2022 to grow above the 7% previously forecast.”

Malaysia’s economy is recovering strongly after contracting due to the COVID-19 outbreak. Meanwhile, the Malaysian government has raised its growth forecast for 2022 to 6.5%-7.0% from the previously estimated 5.3%-6.3%, but still expects the economy to slow to 4.0%-5.0% in 2023.

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