Malaysia's economy to grow 4% to 5% in 2024, says Amir Hamzah

The Star

Speaking at the Sasana Symposium in Kuala Lumpur on June 12, Finance Minister II Datuk Seri Amir Hamzah Azizan said Malaysia's economy is projected to grow between 4% and 5% in 2024, supported by export recovery and resilient domestic demand.  WATCH MORE: https://thestartv.com/c/news SUBSCRIBE: https://cutt.ly/TheStar LIKE: https://fb.com/TheStarOnline

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00:00The Malaysian economy is projected to grow 4-5% in 2024, supported by export recovery

00:11and resilient domestic demand. Trade recovery will be underpinned by the global technology

00:17upcycle and further recovery in tourism activity. Household spending will be underpinned by

00:24improving income and employment. Investment activity will be driven by further progress

00:30of multi-year investment projects by both public and private sectors.

00:38Implementation of catalytic initiatives under the various master plans such as the National

00:43Energy Transition Roadmap, NETA, New Industrial Master Plan 2030,

00:51and the 12th Malaysia Plan would further boost investments.

00:56The 4.2% GDP growth recorded in the first quarter of 2024 reaffirms our positive outlook for the

01:03year. In particular, we saw a turnaround in exports to record positive growth of 2.2%

01:09and positively, investment activity recorded a robust expansion of 9.6%.

01:15A favourable external position characterised by a current account surplus, adequate international

01:24reserves, and manageable external debt, along with a resilient and developed financial system,

01:31ensures Malaysia can handle extreme shocks and maintain uninterrupted financial intimidation.

01:40Allow me to zoom in on a few priorities aimed at strengthening the critical foundations

01:45needed to deliver sustainable economic gains for the Malaysian people.

01:51First, to raise the floor by creating more fiscal space and making the economic pie bigger

01:59for more participation. Second, to raise the ceiling by enhancing social protection.

02:05And third, to put in place good governance. The ongoing megatrends in the global economy

02:12present Malaysia with new prospects and opportunities. Malaysia is well positioned

02:18to benefit from reconfiguration of the global value chain. To make the most of this opportunity,

02:26we prioritise policies to attract high-quality investments that boost our economic competitiveness

02:34and create high-value jobs. Only by working together can we make structural reforms a reality.

02:42There will be challenges along the way, some of them significant. Overcoming these challenges

02:48will require us to draw on our collective experience and expertise to do the right thing

02:56at the right time. This Sasana Symposium affords us an opportunity to uncover

03:03valuable insights and opportunities perhaps not considered before, to support efforts

03:10that will propel Malaysia towards a prosperous and inclusive future. I wish all of you a productive

03:18discourse ahead. With that, I hereby officiate Sasana Symposium 2024. Thank you.

03:29On the count of three. One, two, three.

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