Malaysia not facing recession, Q2 GDP reflects business cycle slowdown, say economists

KUALA LUMPUR, Aug 18 — Malaysia’s second quarter gross domestic product growth of 2.9 per cent reflects a “business cycle slowdown” rather than an impending recession, in line with global trends, economists said.

Bank Muamalat Malaysia Bhd chief economist Mohd Afzanizam Abdul Rashid said the latest GDP print was below expectation and that the Malaysian economy is clearly susceptible to the external slowdown. Chief statistician Datuk Seri Mohd Uzir Mahidin said the moderation during the quarter was partly due to weaker external demand amid the global technology downcycle, lower commodity production and the high base effect from Q2 2022.

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