KUALA LUMPUR: Malaysia's economy grew faster than expected in the first quarter buoyed by firm domestic demand, spurring the central bank to downplay fears of a global slowdown hitting the export-dependent country. Gross domestic product rose 5.6 per cent, according to central bank and government data, fas
KUALA LUMPUR: Malaysia's economy grew faster than expected in the first quarter buoyed by firm domestic demand, spurring the central bank to downplay fears of a global slowdown hitting the export-dependent country.
However, on a quarter-to-quarter basis, seasonally adjusted growth rebounded to 0.9 per cent from a 1.7 per cent decline in the previous three-month period. The central bank said the economy is on track to achieve its growth estimate, underpinned by robust domestic demand. BNM expects headline and core inflation to average between 2.8 per cent and 3.8 per cent this year, compared with 3.3 per cent in 2022.
Some economists had seen last week's rate increase - 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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