In Kuala Lumpur, TA Securities Research has forecasted a more robust Gross Domestic Product (GDP) growth trajectory of 5.0% in 2024. The optimistic outlook is fueled by the expectation of a sustained global economic recovery, particularly in China, which is poised to drive heightened external demand.
In the third quarter of 2023, Malaysia’s real GDP increased by 3.3% year-on-year (y-o-y), exceeding TA Securities’ revised expectations and the median forecast of analysts polled by Bloomberg. This growth was bolstered by the Malaysian government’s unwavering commitment to pro-growth initiatives and increased political stability.
TA Securities expects this momentum to continue, potentially resulting in a greater influx of capital and portfolio investments among foreign investors. At present, they maintain their 4.6% y-o-y growth projection for the fourth quarter, aligning with an updated annual growth target of 4.0%. However, they remain vigilant and open to adjustments, especially in response to any significant setbacks in the country’s economic trajectory.