GDP Malaysia Economy 2024: Ranking & Market Forecast
How is the economy of malaysia 2024 right now? The real growth of the country is illustrated based on Gross National Product (GNP) and Gross Domestic Product (GDP) recorded year by year. The increase in GNP and GDP shows that the country is performing well throughout the year. This instrument is one of the economic indicators that reflects the general health of the country’s performance.
Meanwhile, in Malaysia, GDP growth is expected to maintain a moderate level, according to recent economic forecasts by the International Monetary Fund (IMF) and World Bank.
Slower external demand, geopolitical tensions, tighter financial conditions, raised price pressure, inflation, and extreme climate occurrences have affected the GDP malaysia and GNP growth of Malaysia in previous years.
Despite all these, YAB Dato’ Seri Anwar Ibrahim, Prime Minister and Finance Minister, stated that Malaysia recorded an increase in economic growth. Hence, the Government has implemented various initiatives through Belanjawan to address global economic challenges to sustain positive economic growth in Malaysia.
Is Malaysia Economy 2024 Ranking Improving?
Predominantly, a strong labor market can lower inflation, increase employment rates, strengthen the Ringgit currency rate, enhance tourism activities, and promote economic growth.
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According to the Department of Statistics Malaysia (DOSM), a positive growth has been recorded statistically in the first quarter of 2023 compared to the fourth quarter of 2022.
The Malaysian economy has expanded by 5.6% in the first quarter across all sectors that include services, manufacturing, agriculture, construction, mining and quarrying, and import duties.
To conclude, Malaysia’s economy is currently improving even though it is facing economic challenges.
Where Does Malaysia Economy Ranking 2024
An International Institute for Management Development (IMD) World Competitiveness Ranking 2024 recorded that Malaysia has been ranked at 37th place among all countries in the global economy.
The economic recovery, employment market, investment growth, and exchange rate stability play important roles in boosting the economic performance of the country throughout the year 2024.
Thus, a few steps are taken to sustain this economic growth and improve it.
What Is The Main Economy of Malaysia
What is the main economy of malaysia? Based on the Gross Domestic Product (GDP) statistic, the economic sector of services is the main contributor to the growth of Malaysia’s economy.
It is reported that the services sector has grown by 7.3% in the first quarter of 2023.
It shows an economic expansion over the entire year that, supported by sustained domestic demand, has led to an improvement in labor market conditions.
A better improvement in the services sector can enhance the positive performance of the country, especially when the unemployment rate and inflation rate decrease.
Is Malaysia A Rich Or Poor Country
According to the World Bank, Malaysia is neither a rich nor a poor country. It is an upper middle-income country that is currently making progress toward developing country status.
Malaysia still stands as a country with sustainable economic growth, in which there are ups and downs in malaysia gdp ranking 2024 and GNP rates.
However, Malaysia is currently drawing its own path towards high-income and developed nation status.
In order to achieve that, there are three main focus areas that encourage the development of Malaysia’s economy: support inclusive growth, promote sustainable finance, and enhance good governance.
Therefore, the government plays a significant role in making sure that all measures are taken to experience healthy economic growth and be part of a developed country.
What Is The Market Forecast For Malaysia
According to the above forecast, the GDP range of 5.3%–6.3% in the first quarter shows slower economic growth and trade activities carried out in Malaysia.
However, the Ministry of Finance stated that there will be an improvement over time and that it is expected to gain stronger growth in the second quarter.
This slightly slower economic growth is driven by global inflation, tightening financial conditions, geopolitical uncertainties, currency collapses, and many more factors.
Thus, Malaysia is currently in a state of economic recovery pace while at the same time sustaining economic growth.
How Can We Improve Our Malaysia Gdp 2024
Every year, various initiatives are implemented by the Government through the yearly Belanjawan Negara to improve Malaysia’s economy.
According to the economist, economic growth often driven by demand and supply activities.
A country’s revenues can be generated through this demand and supply, as they are inextricably linked.
Nevertheless, there are some other ways to improve Malaysia’s economy and make it a better country:
- Lower the interest rate imposed by financial institutions to enhance the consumer spending and investment.
- Increase the consumer’s real wages above the inflation to encourage the purchasing power.
- Increase export spending.
- Increase domestic demand by making export cheaper and import expensive.
- Develop a new technology in any industries to increase the productivity.
- Introduce new management techniques by improving skills and qualification.
- Invest in public sector facilities and benefits.
Will Malaysia Become High Income
Malaysia has the potential to become a high-income country. This goal can be achieved if the economic level is competent and stable.
The Minister of Economy stated that Malaysia is likely to transition to a high-income economy by 2028.
Hence, national economic transformation needs to be improved in terms of inclusiveness, quality, and sustainability of economic growth to compete with other regions.