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
September 20, 2022
Industrial production grew 12.5% year on year in July (June: +12.1% yoy).
September 8, 2022
At its meeting on 7–8 September, the Monetary Policy Committee of Bank Negara Malaysia (BNM) voted to raise the overnight policy rate for the third consecutive time by 25 basis points, bringing it to 2.50%.
September 1, 2022
The Manufacturing Purchasing Managers’ Index (PMI), produced by S&P Global, ticked down to 50.3 in August from 50.6 in the previous month.
August 26, 2022
Consumer prices rose a seasonally-adjusted 0.39% from the previous month in July, a smaller increase than the 0.63% increase recorded in June.
August 12, 2022
GDP growth picked up to 8.9% year on year in the second quarter, from 5.0% in the first quarter.