Malaysia Posts Highest Growth in Decades as Global Outlook Dims

Central bank rules out recession, to benefit from China reopen
Economy fell more than expected 2.6% in 4Q from prior quarter

Malaysia’s policymakers, who raised the benchmark interest rate by 100 basis points in four straight moves last year to fight inflation.Photographer: Ian Teh/Bloomberg

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By Anisah Shukry

February 10, 2023 at 4:01 AM UTC

Updated on

February 10, 2023 at 4:54 AM UTC

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Malaysia grew at the quickest pace in more than two decades in 2022, as pent-up demand helped the nation take the mantle of the fastest-growing economy in Asia even if the title is likely to be shortlived.

Gross domestic product rose 8.7% last year, the highest level since 2000, data from Bank Negara Malaysia and the Department of Statistics showed. That compares with the median estimate of 8.6% year-on-year growth in a Bloomberg survey, and aligns with official expectations.