Malaysia's economic growth is the fastest among six ASEAN countries in the third quarter (Q3) and also in the first nine months of this year, an official has said.
Containers of goods at Penang Port in Butterworth town of Malaysia (Photo: AFP/VNA)
Kuala Lumpur (VNA) - Malaysia'seconomic growth is the fastest among six ASEAN countries in the third quarter(Q3) and also in the first nine months of this year, an official has said.
Facilitated by decisive measures intransitioning to endemicity, the country is building resilience to face strongglobal headwinds, caretaker Health Minister Khairy Jamaluddin said in his November13 posting on Twitter.
Citing data from varioussources in ASEAN, he noted Malaysia's gross domestic product (GDP) growth of 14.2%in Q3 and average nine-month GDP growth of 9.36% year on year, which was alsothe highest in the region.
Vietnam's GDP grew by13.67% in Q3, followed by the Philippines (7.6%), Indonesia (5.72%), andSingapore (4.4%). Thailand has yet to announceits Q3 economic performance.
In Q2, the Malaysianeconomy expanded by 8.9%, also the highest among the six ASEAN countries.
Meanwhile, Fitch Solutions Country Risk and Industry Researchhas raised its forecast for Malaysia’s real GDP growth to 8.4% in 2022, from5.9% previously, after the economy expanded by an average of 9.4% in the firstthree quarters of the year.
However, the firm kept its 2023 growth forecast unchanged at4%.
It said over the coming quarters, tighteningmonetary conditions, fading base effects and pent-up demand, as well as aslowing global growth environment will weigh on Malaysia’s economic growthmomentum.
Fitch Solutions noted the real GDP growth came inat 14.2% in Q3, up from 8.9% in Q2, was boosted by strong private consumptionand investment, robust exports, and favourable base effects./.
Malaysia’s Ministry of International Trade and Industry (MITI) said the nation’s trade continued its upward trajectory in September 2022, up by 31.4% year on year to 256.91 billion RM (54.43 billion USD), marking the 20th consecutive month of double-digit growth.
Malaysia’s ringgit further weakened against the US dollar on October 21, closing the week at a new all-time low of 4.738 due to the absence of fresh market catalyst, analysts said.
The ringgit should start to strengthen against the US dollar from the second quarter of next year onwards and settle at the 4.40 level in the fourth quarter of 2023, Malaysian news agency Bernama reported, citing a note released by AmBank Research.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
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The Ministry of Commerce reported that imports also rose 18% to 29.9 billion USD during the same period, resulting in a trade surplus of 1.1 billion USD. In May alone, Thailand posted a 4.6 billion USD trade surplus with the US and a 4.1 billion USD trade deficit with China.
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Containers of goods at Penang Port in Butterworth town of Malaysia (Photo: AFP/VNA) 
