Malaysia’s GDP grew 5% annually in the first quarter, the economy continued to recover from the trough of the epidemic

Malaysia’s economy continues to recover from the Covid-19 pandemic, with GDP growing 5% annually over the past quarter.Euronnews

new crownEpidemicMalaysia’s economy has continued to recover from the pandemic after many businesses in Malaysia closed and the unemployment rate soared; MalaysiaCentral bankAnnounced on the 13th, the Gross Domestic Product (GDP) in the first quarter grew by 5% compared to the same period last year.

Malaysia’s central bank said last quarter’s annual GDP growth was higher than last year’s pace of 3.6 percent in the fourth quarter, and better than the average forecast of 4 percent among 18 economists surveyed by Reuters. Estimates by experts interviewed ranged from 2% to 5.7%, underscoring uncertainty over the slowdown in mainland China and the impact of the Russo-Ukraine war on production and economic activity in Malaysia.

A Reuters poll in April showed Malaysia’s GDP is expected to grow by 6.1% this year and 5% in 2023, compared to 3.1% growth last year.

In anticipation of continued recovery in global demand and increased private sector spending, Malaysia’s central bank has set its growth target for this year between 5.3% and 6.3%. The Malaysian government has projected an increase of 5.5% to 6.5%.

Bank Negara Malaysia Governor Norshanjia said the services and manufacturing sectors were the better performing sectors of the economy in the last quarter.

In addition, Malaysia’s economic expansion accelerated, strengthening the central bank’s turn to hawkrate increaseResolve to deal with inflationary pressures. Malaysia’s central bank’s monetary policy committee unexpectedly raised interest rates a notch earlier this week, seeking to contain price pressure as the economy continues to expand at a solid pace.

“If there is any indication of a sharp second quarter growth, the central bank may consider another rate hike in July,” said Vinson Foon, an analyst at Maybank Securities.

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