KUALA LUMPUR, March 14 — Maybank Investment Bank Bhd (Maybank IB) has estimated a firmer monthly gross domestic product (GDP) growth of 4.0 per cent year-on-year (y-o-y) for Malaysia, accentuated by favourable base effects.
The research firm said in a note that January 2024 saw a rebound in the Industrial Production Index to 4.3 per cent y-o-y (December 2023: – 0.3 per cent) and crude palm oil output at +1.6 per cent (December 2023: -4.2 per cent) while the Distributive Trade Index sustained growth momentum at 3.5 per cent (December 2023: + 3.4 per cent).
Based on the above performances, which constitute 52 per cent of GDP, the research firm said its monthly GDP tracker has estimated that the country’s economy grew 4.0 per cent y-o-y in January 2024.
“Together with other indicators like the rise in manufacturing purchasing managers’ index and January’s export rebound after 10 straight months of decline amid the global tech cycle recovery, these green shoots of economic growth pickup are supportive of our 2024 GDP growth forecast of 4.4 per cent (2023: 3.7 per cent),” it added.
—Bernama
