The World Bank recently announced an increase in Malaysia's Gross Domestic Product (GDP) growth forecast for 2024 from 4.3% to 4.9%, giving new hope for the country's economy.
According to Apurva Sanghi, Chief Economist of World Bank Malaysia, this increase was driven by a positive response in domestic demand as well as stronger political stability.
Sanghi explained that global growth is expected to stabilize around 2.6% this year, and Malaysia is in a good position to expand its wings in various world markets.
He stressed that with increasing consumer confidence and the strengthening of sectors such as manufacturing and services, Malaysia has a bright opportunity to take new steps.
His statement was recorded during the Malaysia Economic Monitor briefing session held last Tuesday.
At the same time, the World Bank also predicts Malaysia's potential in achieving the status of a high-income country by 2028, which may be achieved earlier if the performance of the ringgit remains stable.
With the international market dealing with geopolitical tensions and high inflation, attention is now focused on Malaysia to see if the country is able to overcome the challenges by maintaining this momentum and strengthening its position in the global market.
This development gives hope for the recovery of the country's economy and promises a brighter future for Malaysians!
