WB expects Malaysia’s 2023 economic growth to moderate to 3.9%
Malaysia's economy is projected to moderate to 3.9 % this year before bouncing to 4.3 % in 2024 on the back of domestic private sector spending, said the World Bank (WB)
(From left) World Bank lead economist for Malaysia Dr Apurva Sanghi, country manager Yasuhiko Matsuda, and external affairs officer Joshua Foong. (Photo: theedgemalaysia.com)
Kuala Lumpur (VNA) - Malaysia's economy is projected to moderate to 3.9 % this year before bouncing to 4.3 % in 2024 on the back of domestic private sector spending, said the World Bank (WB)
“The situation can be seen through Malaysia’s exports numbers, which contracted by 3.3% in the first quarter and 9.4% in the second quarter of this year”, WB lead economist Apurva Sanghi told reporters at the release of the October 2023 East Asia and Pacific (EAP) Economic Update and part one of the September 2023 Malaysia Economic Monitor in Kuala Lumpur on October 2.
Apurva s🧜aid Malaysia was sensitive to changes in external demand, especially regarding the country’s largest trading partners, namely the US and China.
The bank estimated that a 1 percentage point fall in the US growth rate could reduce Malaysia’s economic growth by 0.82 percentage point, and a 1 percentage point fall in China’s GDP growth rate could drag Malaysia’s GDP down by 0.45 percentage point.
According to the economist, domestic factors, including the base effect from high growth 2022 and extreme weather events, affected agriculture output earlier this y☂ear.
The WB added that Malaysia’s economy is projected to grow to 4.3% in 2024./.
The Malaysian government is taking steps to address the issue of food security through the implementation of the high-growth, high-value (HGHV) initiative for the agriculture sector.
Malaysia can achieve a shift towards higher-value manufacturing if the country has political commitment and collaboration between the public and private sectors, according to Malaysian Deputy Minister of Investment, Trade and Industry Liew Chin Tong.
Indonesia plans to sign a memorandum of understanding (MoU) with Malaysia to develop an electric vehicle (EV) battery factory in Samalaju industrial park, according to the Indonesian Consul in Malaysia’s Kuching city, Raden Sigit Witjaksono.
In his article, Oscar Sanchez Serra highlighted President Ho Chi Minh’s founding of the Thanh Nien (Young People) newspaper on June 21, 1925, which marked the birth of Vietnam's revolutionary press rooted in a bold and far-sighted vision.
Several ASEAN meetings are scheduled to take place in Port Dickson this September, including the Senior Officials' Meeting (SOM) for ASEAN Plus Three (APT), the East Asia Summit (EAS), the 15th ASEAN Maritime Forum, and the 13th Expanded ASEAN Maritime Forum.
Thailand's Prime Minister Paetongtarn Shinawatra has ordered the urgent implementation of a national policy to crack down on all forms of call centre scams, online fraud, and illegal gambling, which are now considered threats to national security.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
(From left) World Bank lead economist for Malaysia Dr Apurva Sanghi, country manager Yasuhiko Matsuda, and external affairs officer Joshua Foong. (Photo: theedgemalaysia.com) 
