KUALA LUMPUR: The 5.1 per cent growth in the gross domestic product (GDP) in 2024, which surpassed the government’s initial forecast and independent analysts expectations, proves that economic reforms have started to show early results.
Senior press secretary to Prime Minister Datuk Seri Anwar Ibrahim, Tunku Nashrul Abaidah, said Anwar views this growth, which is driven by the highest domestic investments in a decade, as a reflection of investors’ confidence in Malaysia’s policy direction.
He said this during the Prime Minister’s Office (PMO) daily briefing which was broadcast live on Anwar Ibrahim’s and PMO Malaysia’s Facebook today.
Bank Negara Malaysia, in its 2024 Economic and Monetary Review released yesterday, reported that the country’s economy grew by a strong 5.1 per cent in 2024 against 3.6 per cent in 2023.
Tunku Nashrul also said Malaysia’s capital market hit RM4.2 trillion – a new record – with a growth rate of nearly 11 per cent compared to the previous year.
“It’s not just a number, but a positive sign that our economic fundamentals are strengthening,” he said.
According to the Securities Commission (SC) 2024 annual report, strong buying interest in the local stock market, along with a significant rise in the number of initial public offerings (IPOs) and growth in the cumulative bond and sukuk market, have risen 2024’s capital market size to RM4.2 trillion from RM3.8 trillion in 2023.
“However, the Prime Minister acknowledges that structural challenges still exist; the country’s productivity needs to improve, competitiveness strengthened, and economic resilience rebuilt based on humane principles and good governance.
“We cannot compromise on leakages and corruption that harm the country and hinder development,” he said.
He added that Anwar views the MADANI Economic framework, launched on July 27, 2023, not only as a policy plan but as a collective effort to build a just, sustainable, and inclusive economy so that the growth achieved can be shared by all, and not just the upper class or the elite.
