KUALA LUMPUR : Malaysia's economy picked up in the first quarter buoyed by firm domestic demand, central bank and government data showed on Friday. Gross domestic product rose 5.6 per cent, according to Bank Negara Malaysia (BNM) and the Statistics Department, faster than the 4.8 per cent annual expansio
KUALA LUMPUR : Malaysia's economy picked up in the first quarter buoyed by firm domestic demand, central bank and government data showed on Friday.
Growth had hit a 22-year high of 8.7 per cent last year as Malaysia bounced back from a pandemic slump, but cooling global demand is expected to weigh on the outlook for the export-oriented Southeast Asian economy. Malaysia's quarterly expansion was supported by improved labour market conditions, continuation of large infrastructure projects and a recovery in tourism, BNM Governor Nor Shamsiah Mohd Yunus told a press conference."Risks to the growth outlook are fairly balanced, with downside risks emanating primarily from external factors."
Some economists had seen the rate hike - which marked the return of borrowing costs to pre-pandemic levels - as signalling the end of the central bank's tightening cycle.
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