Malaysia's Q1 GDP grew strongly by 4.2%, and measures to stabilize the ringgit worked!
Malaysia's GDP grew strongly by 4.2% in the first quarter
Private consumption and export turnover is strong. Malaysia's real gross domestic product (GDP) growth in the first quarter was better than previously forecast, with an increase of 4.2%.
Malaysia's economic growth data for the first quarter performed better than the Bureau of Statistics's earlier forecast of 3.9%, and also better than Bloomberg's median forecast of 3.9%.
In its report, the State Bank of Malaysia predicts that GDP growth in 2024 will fall at the level of 4% to 5%. Growth prospects still depend on peripheral and local risk factors. Upside risks include greater spillover effects from the technology cycle, more vigorous tourism activities, and faster deployment of investment projects.
MYR/USD $USD/MYR(USDMYR.FX$The recent performance has been quite steady. The Bank of Malaysia said that since the end of February, the ringgit exchange rate has continued to appreciate, indicating the effectiveness of the Bank of China's measures to protect the ringgit.
So far this year, the ringgit has ranked 4th in Asia in terms of performance.
Source: Nanyang Siang Pao
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