Malaysia GDP Grows Faster Than Expected Amid Global Slowdown
- GDP grows at 5.6% pace in the first quarter from a year ago
- Malaysia economy is no longer in crisis, BNM’s Shamsiah says
The central bank maintained that its rate moves have been gradual and measured, while signaling future actions will depend on growth and inflation data.
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Malaysia’s economic growth beat expectations in the first quarter of the year, with robust domestic demand justifying the central bank’s recent move to return borrowing costs to pre-pandemic levels.
Gross domestic product for the January-March period expanded 5.6% from a year ago, data from Bank Negara Malaysia and the Department of Statistics showed on Friday. That’s faster than the median estimate of 5.1% growth in a Bloomberg survey. On a sequential basis, GDP returned to positive territory at 0.9%.