KUALA LUMPUR (Nov 16): The decision by several international institutions to revise Malaysia's economic growth projections reflects their confidence in the country's prospects for the year, said Investment, Trade and Industry (Miti) Minister Tengku Datuk Seri Zafrul Abdul Aziz.

He also noted that this demonstrates the government's progress in meeting its set targets.

"Earlier, the World Bank revised Malaysia's growth forecast to 4.9% for 2024, up from 4.3% in April. Now, the International Monetary Fund (IMF) has raised its projection to 4.8%, from 4.4%.

"We are on the right track, and In shaa Allah, Miti will continue to drive efforts to boost trade by attracting quality investments, ensuring Malaysians benefit from more high-paying job opportunities," he said in a video posted on his X platform on Friday.

On Friday, Bank Negara Malaysia (BNM) reported a 5.3% growth in the country's economy for the third quarter of 2024, driven by strong investment and a steady rise in exports.

BNM governor Datuk Seri Abdul Rasheed Ghaffour noted that, following a 5.9% growth in the second quarter, the average growth for the first three quarters of the year stood at 5.2%.

"Investment activity was bolstered by strong spending on infrastructure and machinery, while household consumption continued to grow due to favourable labour market conditions and policy support," he said.

Prime Minister Datuk Seri Anwar Ibrahim had previously forecast Malaysia's 2024 gross domestic product (GDP) to grow between 4.8% and 5.3%, stronger than the 4% to 5% range in 2023.

https://www.theedgemarkets.com/node/734199