TA Securities Forecasts 5% Growth for Malaysian Economy in 2024

In Malaysia, the economy is expected to grow at a robust Gross Domestic Product (GDP) growth trajectory of 5.0% in 2024, according to TA Securities Research. This optimistic outlook is driven by the expectation of a sustained global economic recovery, particularly in China, which will drive heightened external demand.

In the third quarter of 2023, Malaysia’s real GDP increased by 3.3% year-on-year (y-o-y), surpassing TA Securities’ revised expectations and the median forecast of analysts polled by Bloomberg. The research house attributed this growth to the Malaysian government’s unwavering commitment to pro-growth initiatives and increased political stability, which is expected to bolster confidence among foreign investors and potentially result in greater influx of capital and portfolio investments.

Despite this positive outlook, TA Securities remains vigilant and open to adjustments in its annual growth target of 4.0%, aligning with its earlier GDP preview report that anticipated a possibility of growth dipping below 4.0%. Nonetheless, it said that any significant setbacks in Malaysia’s economic trajectory will prompt periodic adjustments to its projections.