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Malaysia’s economy on solid recovery path

Amid global economic challenges, Malaysia's economy maintained robust recovery throughout 2024, providing momentum for continued growth in 2025.
A view of Kuala Lumpur at night (Photo: imf.org)
A view of Kuala Lumpur at night (Photo: imf.org)

Kuala Lumpur (VNA) - Amid global economic challenges, Malaysia's economy maintained robust recovery throughout 2024, providing momentum for continued growth in 2025.

🐻 According to the Department of Statistics Malaysia (DOSM), the country's GDP grew by 5.1% in 2024, reaching 1.647 trillion MYR (411 billion USD), up from the 3.6% growth and 1.568 trillion MYR in 2023.

In the fourth quarter (Q4) 2024, the GDP expansion stood at 4.8% to reach 429.8 billion MYR, compared to the 2.9% growth and 419.2 billion MYR in Q4 2023. This performance was driven by services (up 5.3%), manufacturing (4.2%), and construction (17.2%). The services sector experienced growth across all sub-sectors, particularly wholesale and retail, transportation and storage, and information and communications.
Manufacturing gains stemmed from electrical - electronics - optical products, oil and gas, chemical, rubber - plastics, oil - grease, and processed food. Construction growth was fuelled by both residential and non-residential projects. However, agriculture and stone mining posted modest growth at 3.5% and 0.8%, respectively.

Malaysia’s foreign trade hit a record 2.9 trillion MYR in 2024, up 9.2% from 2.6 trillion MYR in 2023.

December trade increased 14.6% year-on-year, with imports growing 11.9% to 119.3 billion MYR and exports rising 16.9% to 138.5 billion MYR. This resulted in a trade surplus of 19.2 billion MYR, up 62.3%, marking the 56th consecutive month of surplus since May 2020. Major trade partners of Malaysia included China (46.8 billion MYR), Singapore (36.1 billion MYR), and the US (30.9 billion MYR), while ASEAN countries accounted for 26% of its total trade.

🍎 Mohd Uzir Mahidin, a senior statistician at the DOSM, attributed growth to robust domestic demand, the external sector's recovery, and foreign investments in renewable energy and digital infrastructure, including data centres.

He added that higher tourism numbers and civil servant wage hikes are expected to boost household spending and retail. Chief Economist Shan Saeed of Juwai IQI praised Malaysia’s resilience amid global headwinds, predicting steady growth in 2025. The country's agreements with global companies and strong infrastructure and technology investments are seen as drivers for GDP growth. Malaysia’s government is focusing on international trade and strategic initiatives such as the 12th Malaysia Plan (12MP), the National Trade Blueprint (NTBP), and the New Industrial Master Plan 2030 (NIMP 2030) to ensure long-term growth./.
VNA
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