Kenanga Investment Bank maintains GDP forecast for 2024 at 5pc, set to moderate to 4.8pc next year

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“We anticipate growth to slow further in the final quarter to around 4.6 per cent, as growth momentum typically eases on a quarter-to-quarter basis. The growth outlook remains vulnerable to external factors, including potential slowdown in advanced economies due to the lag effects of higher interest rates,” it said in a note today.

It further said that this is evident in September’s export data, where total exports fell by 0.3 per cent down from a 12.0 per cent rise in August, far below market expectations.

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