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Investment banks revise Malaysia's 2024 GDP growth forecast upward

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BMI,HLIB,Public Investment Bank

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KUALA LUMPUR: Hong Leong Investment Bank has revised its 2024 gross domestic product forecast for Malaysia upward to 5.0 per cent from 4.8 per cent previously.

HLIB said continued improvement in trade activity is also expected to boost GDP growth, aided by the low base effect and gradual recovery in the global tech sector. Meanwhile, Public Investment Bank said following the robust performance in 2Q 2024, the 5.1 per cent GDP growth in 1H2024 has already exceeded its full-year target of 4.7 per cent for 2024.

Hence, it believes that the government will revise its official GDP growth forecast of 4.0-5.0 per cent for 2024 higher when Budget 2025 is tabled on Oct 18.

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