PUTRAJAYA, Feb 14 — Malaysia’s political stability and monetary policies were among the contributors to the country’s positive gross domestic product (GDP) growth last year, which surpassed the minimum target, said Communications Minister Fahmi Fadzil.
The minister, who is also Madani Government spokesman, said the 5.1 per cent GDP growth is a sign the country’s economy will continue to expand.
“There are no indications that investments from the technology sector or big tech will decrease,” he told the ministry’s weekly Communications Minister media conference here today.
However, Fahmi said the government will continue to monitor any policy changes due to the global geopolitical situation, which may have an impact on the country’s economic development.
“We are all aware the current geopolitical situation requires us to examine what is happening (around) decisions made in several countries that are trade partners or potential trade partners,” he added.
Bank Negara Malaysia today announced the country’s economy grew by 5.1 per cent in 2024, up from 3.6 per cent in 2023 and in line with the government’s target of 4.8 per cent to 5.3 per cent. It said this growth was driven by continued domestic demand and the recovery in exports.
The central bank said that domestically, growth was primarily driven by stronger household spending, reflecting a favourable labour market, policy measures to support households, and a strong household financial position.
Externally, it said exports recovered due to stable global growth, ongoing technological cycles, and higher tourist arrivals and spending.
— Bernama
