Recently, data released by the Malaysian Statistics Department showed that in the fourth quarter of 2024, Malaysia’s gross domestic product (GDP) grew by 5% year-on-year. In 2024, Malaysia’s GDP grew by 5.1% compared with 2023, far exceeding 3.6% in 2023, reaching 1.93 trillion ringgit (1 ringgit is about 0.226 US dollars) at current prices.
Statistical data show that in 2024, Malaysia’s service industry grew by 5.4% year-on-year, industry grew by 4.2% year-on-year, and agriculture grew by 3.1% year-on-year.
Zafir, Minister of Investment, Trade and Industry of Malaysia, said that driven by investment and export growth, Malaysia’s economic performance last year “exceeded expectations.” Last year, Malaysia’s investment grew by 12% year-on-year, the best performance in nearly 12 years; exports of electrical and electronic products also achieved significant growth.
The Bank Negara Malaysia released a report that Malaysia’s overall inflation rate and core inflation rate both dropped to 1.8% last year. In comparison, these two figures will be 2.5% and 3.0% respectively in 2023. Inflation is expected to remain within controllable range in 2025.
The Bank Negara Malaysia predicts that in 2025, Malaysia’s GDP is expected to grow by 4.6% compared with 2024. The continued growth of domestic demand and investment will provide a solid foundation for Malaysia’s economic growth this year. On the other hand, the slowdown in global trade growth and the US tariff policy will be unfavorable factors affecting Malaysia’s economic growth.