KUALA LUMPUR, March 25 — The 5.1 per cent growth in the gross domestic product (GDP) in 2024, which surpassed the government’s initial forecast and independent analysts’ expectations, proves economic reforms have shown early results.
Senior press secretary to the Prime Minister Datuk Seri Anwar Ibrahim, Tunku Nashrul Abaidah, said Anwar views this growth, driven by the highest domestic investments in a decade, as a reflection of investors’ confidence in Malaysia’s policy direction.
He said this during a daily briefing at the Prime Minister’s Office today.
Bank Negara Malaysia, in its Economic and Monetary Review 2024 released yesterday, reported that the country’s economy grew by a strong 5.1 per cent in 2024 against 3.6 per cent in 2023.
Tunku Nashrul also said Malaysia’s capital market hit RM4.2 trillion — a new record — with a growth rate of nearly 11 per cent from the previous year.
“It’s not just a number, but a positive sign that our economic fundamentals are strengthening,” he said.
According to the Securities Commission annual report for 2024, strong buying interest in the local stock market, along with a significant rise in the number of initial public offerings and growth in the cumulative bond and sukuk market, have grown 2024’s capital market to RM4.2 trillion from RM3.8 trillion in 2023.
“However, the Prime Minister acknowledges that structural challenges still exist; the country’s productivity needs to improve, competitiveness strengthened, and economic resilience rebuilt based on humane principles and good governance.
“We cannot compromise on leakages and corruption that harm the country and hinder development,” he said.
He added that Anwar views the Madani Economic framework, launched July 27, 2023, not only as a policy plan, but as a collective effort to build a just, sustainable, and inclusive economy so the growth can be shared by all, not just the upper class.
— Bernama
