Malaysia's 2022 GDP growth protects it from recession in 2023

Malaysia’s GDP has grown by 8.7% in 2022, protecting it from going into recession this year, according to a statement released by Bank Negara Malaysia, the Central Bank of Malaysia. The announcement was officially made public by central bank governor, Nor Shamsiah Mohd Yunus on 10 February.

Malaysia's GDP was previously at its highest at 8.9% in 2000, according to data provided by Bank Negara Malaysia and the Department of Statistics. The report was also viewed by A+M. Malaysia's GDP grew by 3.1% in 2021, after a 5.6% drop in 2020 caused by the COVID-19 pandemic. 

The bank’s report also states that for 2023, “the Malaysian economy is expected to expand at a more moderate pace amid a challenging external environment.”

Domestic demand will continue to drive growth, supported by continued recovery in the labour market and the realisation of multi-year investment projects, it continued. 

At the press conference, which was reported on by The Star, Yunus said: “By sector, approved investments were mainly in real estate, information and communications, and electrical and electronics subsectors. The realisation of these approved investments will provide support to growth."

She also added that the dip in export growth, which was caused by the drop in global demand, will be partly diminished by the improvement in services export as well as the recent surge in Chinese tourists into the country which is expected to have a larger positive impact on the country's GDP.

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