PUTRAJAYA: Malaysia’s political stability and monetary policies were among the contributors to the country’s positive gross domestic product (GDP) growth last year, which surpassed the minimum target, said Communications Minister Fahmi Fadzil.
The minister, who is also the spokesperson for the MADANI Government, said the achievement of the 5.1 per cent GDP growth is a positive sign that the country’s economy will continue to expand.
“At this time, there are no indications that investments from the technology sector or big tech will decrease,“ he told the ministry’s weekly Communications Minister media conference here today.
However, Fahmi said the government will continue to monitor any policy changes due to the global geopolitical situation, which may have an impact on the country’s economic development. “We are all aware that the current geopolitical situation still requires us to examine what is happening (related to) decisions made in several countries that are trade partners or potential trade partners,“ he added.
Bank Negara Malaysia (BNM) today announced that the country’s economy grew by 5.1 per cent in 2024, up from 3.6 per cent in 2023 and in line with the government’s target of 4.8 per cent to 5.3 per cent. According to BNM, this growth was driven by continued domestic demand and the recovery in exports.
The central bank said domestically, growth was primarily driven by stronger household spending, reflecting a favourable labour market, policy measures to support households, and a strong household financial position.
Externally, it said exports recovered due to stable global growth, ongoing technological cycles, and higher tourist arrivals and spending.
