Malaysia Economic Outlook
June 21, 2022GDP growth accelerated in Q1 amid a broad-based improvement. Turning to this quarter, the government’s Endemic Phase strategy to live alongside the virus should be buttressing overall activity. In April, the unemployment rate reached its lowest level since the outbreak of the Covid-19 pandemic, which should have supported private spending. Similarly, the manufacturing PMI averaged higher in April–May compared to the previous quarter. On the external front, the country is expected to benefit from currently-elevated prices for its main exports: palm oil, rubber and natural gas. Meanwhile, on 1 June, Prime Minister Ismail Sabri Yaakob announced a ban on chicken exports in an effort to control rising price pressures. Although the ban has since eased to a selection of chicken products, the ongoing restrictions are likely to impact trade.
Malaysia Economic GrowthThe economy is set grow at a swifter pace this year, buttressed by a less strict pandemic management strategy and recovering activity in the tourism sector. In addition, higher commodity prices should sustain exports. That said, a tighter monetary policy could weigh on growth, while uncertainty ahead of September’s general elections clouds the outlook. FocusEconomics panelists predict the economy growing 6.2% in 2022, which is up 0.3 percentage points from last month’s forecast. In 2023, the panel sees the economy expanding 4.8%.
Malaysia Economy Data
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|Bond Yield||3.32||0.15 %||Dec 31|
|Exchange Rate||4.09||0.0 %||Jan 01|
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Malaysia Economic News
January 19, 2023
At its meeting on 18–19 January, the Monetary Policy Committee of Bank Negara Malaysia (BNM) kept the overnight policy rate (OPR) unchanged at 2.75%, defying market expectations of another 25 basis point increase.
January 19, 2023
Inflation came in at 3.8% in December, which was down from November’s 4.0%.
January 18, 2023
Merchandise exports climbed 1.1% on an annual basis in December, on the heels of November’s 4.4% increase.
January 11, 2023
Industrial output rose 4.8% in year-on-year terms in November, which followed October's 4.6% increase.
January 3, 2023
The S&P Global Manufacturing Purchasing Managers' Index (PMI) came in at 47.8 in December, down marginally from November's 47.9.