KUALA LUMPUR, Oct 8 — The World Bank today revised Malaysia’s 2024 growth forecast to 4.9 per cent as the country showed stronger-than-expected household consumption and improved investment and trade performance in the first half of this year.
The Bank said domestic demand and export data in the second half of 2024 have stayed positive, and private consumption is projected to expand to 5.5 per cent in 2024 from 4.7 in 2023, supported by further improvement in labour market conditions and wage growth.
The revision also factored in continued government household income support. October’s revision is 0.6 percentage point higher than April’s 4.3 per cent projections.
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