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HomeMalaysia NewsKenanga Investment Bank Expects Optimistic GDP Growth Target for Malaysia in 2024...

Kenanga Investment Bank Expects Optimistic GDP Growth Target for Malaysia in 2024 : Report

Kenanga Investment Bank anticipates a favorable economic outlook for Malaysia in 2024, projecting an optimistic GDP growth target. While specific figures weren’t provided, this forecast suggests confidence in the country’s economic potential, potentially driven by various factors such as investments, export performance, and domestic consumption. Keep an eye on Malaysia’s economic developments as the year unfolds.

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Kenanga Investment Bank Bhd has projected that the Malaysian government will set a higher Gross Domestic Product (GDP) growth target for 2024, potentially ranging between 5.0% and 5.5%. This projection aligns with the growth target outlined in the recently presented 12th Malaysia Plan (12MP) Mid-Term Review (MTR) for the period 2021-2025.

However, Kenanga Investment Bank expresses reservations about the optimism of this target, considering the current global economic uncertainty and its potential impact on domestic growth. In light of these concerns and the rising possibility of a global economic slowdown due to increased interest rates, the research house has its own GDP growth forecast for 2024 at 4.9%, barring any unforeseen shocks.

The Budget for 2024, scheduled to be tabled by Prime Minister and Finance Minister Datuk Seri Anwar Ibrahim, aims to implement the Malaysia Madani economic framework. While the 12MP MTR and Medium-Term Fiscal Framework (MTFF) 2023-2025 suggest an optimistic fiscal deficit target of 4.6%, Kenanga Investment Bank remains more cautious, estimating a range of 4.5% to 5.0% due to the challenging global economic outlook anticipated for 2024