KUALA LUMPUR: Malaysia's economy recorded a better-than-expected gross domestic product (GDP) expansion of 5.6 per cent in the first quarter of 2023, driven mainly by private sector expenditure. Earlier, local daily The Star, citing analysts, predicted that the GDP growth for the first three months of the
KUALA LUMPUR: Malaysia's economy recorded a better-than-expected gross domestic product expansion of 5.6 per cent in the first quarter of 2023, driven mainly by private sector expenditure.
“The whole economy is no longer in crisis and, in fact, continues to gain strength,” she said when announcing the performance of the first quarter of 2023.Commentary: Malaysia’s economy emerges from the shadow of COVID-19 On the various sectors, Ms Nor Shamsiah said the services sector was the main impetus of the economy, growing by 7.3 per cent in the first quarter of 2023 supported by both consumer and business-related service activities.
“The unemployment rate gradually improved towards pre-pandemic levels, driven by steady employment growth, in tandem with the expansion in economic activity … the economy will approach full employment by the end of this year,” she said. Malaysia recorded RM12 billion in foreign direct investment in the first quarter of 2023, compared with RM19.2 billion in the last quarter of 2022, which was mainly channelled into the financial services subsector as well as mining and manufacturing services.Malaysia not going into recession in 2023, last year’s GDP growth was highest since 2000: Central bank
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