KUALA LUMPUR: Malaysia will not go into a recession this year, central bank governor Nor Shamsiah Mohd Yunus said on Friday (Feb 10) as she announced that the country’s gross domestic product grew by 8.7 per cent in 2022.
This figure is the highest since 2000 when it was 8.9 per cent back then.
Mdm Shamsiah however warned that growth this year is expected to be at a more moderate pace after coming off a strong recovery last year.
“For 2023 growth, domestic demand will remain as a key driver of growth given the slowing global demand. I wish to stress that Malaysia will not go into a recession this year.
“However, a highly challenging and uncertain global environment will remain the key risk to domestic growth going forward,” she said.
Moving forward, Mdm Shamsiah said the economy would benefit from the realisation of new and existing projects.
“Recent investment intentions remain forthcoming with approved investments totalling RM194 billion (US$44.83 billion) between Jan and Sep 2022.
“By sector, approved investments were mainly in real estate, information and communications, and electrical and electronics subsectors. The realisation of these approved investments will provide support to growth,” she said.