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  • Writer's pictureBait Al-Amanah

Malaysia’s Economic Outlook for 2024

Bait Al Amanah (House of Trust) published an op-ed titled 'Malaysia’s Economic Outlook for 2024 ' authored by Chong Yoong Wen (Research Assistant)


Summary and highlights:


After a rocky 2023 filled with inflationary expectations, OPR hikes and a depreciating ringgit, Malaysians are eager to enter 2024 stronger economically.


Drawing upon data and expert forecasts, Malaysia’s economic prospects for 2024 are optimistic.

  • GDP growth for 2024 is set to range between 4% and 5%

  • Our tourism sector is bouncing back to pre-pandemic capacity, with 2023’s estimated receipts at 88% of 2019’s receipts

  • Unemployment is trending downwards back to pre-pandemic levels

  • The government is poised to gradually roll back blanket subsidies (such as for petrol), moving towards targeted ones as set out in Budget 2024

  • Inflation has slowed down in 2023 at 2.9% YoY (Q3 2023), and MOF has predicted 2024’s inflation to be between 2.1% and 3.6%

Their op-ed was published on the The Malaysian Insight.

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