Investment banks upbeat on Malaysia’s GDP outlook, ticks geopolitical risk as downside

Honey in the Rock brings dry oxtail 'laksa', fried chicken and artisanal ice cream to PJ's Damansara Kim

The upward revision primarily reflects the impact of the recently announced 13 per cent civil service salary increase effective December 2024, it said in a research note today.Meanwhile, Kenanga Investment Bank said the 2024 GDP growth forecast remains at 4.5 to 5 per cent, driven by solid domestic demand and sustained expansion in manufacturing and services sectors.Advertisement

This is in addition to the expected cost-push inflation due to the targeted fuel subsidy rationalisation to be implemented this year, pending timing, quantum and mechanics details, it said. “This may increase price pressures, but the impact should be manageable, with potential supply shocks offset by reduced demand amid higher prices,” it said.

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