Malaysian Economy Expands at Fastest Pace in More Than 3 Years

Buildings stand illuminated at dusk in Kuala Lumpur, Malaysia, on Wednesday, Aug. 2, 2017. Since 2010, the government has spent more than 1.9 billion ringgit on low-income households. The poor and very poor -- earning less than 460 ringgit a month in some places -- fell from 3.8 percent of the population in 2009 to 0.6 percent in 2014, according to the most recent data. Still, many Malaysians feel less secure.Photographer: Sanjit Das/Bloomberg

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By Chong Pooi Koon and Choong En Han

November 17, 2017 at 4:00 AM UTC

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Malaysia’s economy grew at the fastest pace in more than three years in the third quarter, supported by resilient domestic demand and a manufacturing sector that’s benefiting from booming global trade.

Malaysia has emerged as one of the bright spots in Southeast Asia this year, with economists upgrading growth projections amid an export recovery. Prime Minister Najib Razak raised his forecast for this year to as much as 5.7 percent in a budget speech last month, while also outlining tax cuts and bonus payments to government workers that will help spur consumer spending into next year. The government is projecting growth of 5 percent to 5.5 percent in 2018.