KUALA LUMPUR – Malaysia’s third quarter of 2023 (3Q 2023) gross domestic product is expected to be better than 2Q 2023, despite the challenging global economy, said Economy Minister Rafizi Ramli.
“I think we will hit the third consecutive quarter-on-quarter (q-o-q) growth, which has not happened in the past three to four years.
“I am optimistic it will be better, especially since the global economic condition is expected to improve in 2024 moving towards 2025,” he told reporters after launching a campaign here today.
Rafizi noted that the 2Q 2023 GDP was lower at 2.9% partly due to the decline in electrical and electronic exports, which slowed down as global buyers had been building up their stocks in the previous quarters.
Nonetheless, there are signs that the E&E sector will start improving globally, hence, Malaysia could expect better export performance in 2024.
“We cannot run away from the cyclical nature of our economy as well as the global economy, what we want to make sure of is that we continue to grow,” said Rafizi.
“Hence, we must use this opportunity to fix our structural problems, such as the high debt level, fiscal situation and labour market reform, so that by the time the global economy picks up from the second half of 2024 onwards, we will be in the best position to benefit from that.” – November 15, 2023