The president of the Federation of Malaysian Manufacturers (FMM), Tan Sri Soh Thian Lai said the Malaysian economy has the potential to surpass the government's target range of 4.0% to 5.0% throughout 2024.
He further said that given the stronger than expected growth in the second quarter of 2024, FMM Research has plans to create more opportunities to promote Malaysia's economic growth.
Previously, the parent managed to raise the Gross Domestic Product (GDP) growth to 5.1 percent, surpassing the government's official consensus.
Among the sectors that have the biggest impact on strengthening the national economy are strong exports, private consumption and investment.
Despite the global market experiencing uncertainty, the Malaysian economy is expected to continue its positive growth trend throughout the remaining months of 2024.
In addition, private investment has shown strong growth, driven by multi-year infrastructure projects and the realization of approved projects.
The tourism sector showed a strong performance with tourist arrivals increasing by 28.9 percent in the first half of this year. This figure will continue to generate significant income for the country.
Inflation is expected to increase in the second half of this year with Bank Negara Malaysia (BNM) projecting a manageable increase at the official forecast of 2.0% to 3.5%.
