Several financial institutions have raised their expectations for Malaysia’s economic growth this year to more than 5 percent after it recovered in the first half of the year, with some institutions’ expectations exceeding government expectations.

The central bank expects the economy to grow at the high end of its forecast range of 4-5 percent this year.

CIMB Bank, Malaysian Banking, United Overseas and Citigroup are among the financial institutions that have shared their forecasts, after government data released last Friday showed Malaysia’s economy recovering for the second straight quarter.

Meanwhile, banks such as Hong Leong Bank and Overseas Chinese Banking Corp have raised their forecasts for Malaysia’s economic growth rate to 5 percent of GDP.

Analysts indicated that the economic growth rate will remain above 5 percent during the second half of 2024.

The recovery of exports and tourism, the increase in domestic investment, and the rise in disposable income are all key drivers of economic growth du
ring the second half.

Source: Qatar News Agency