KUALA LUMPUR (Nov 20): TA Securities Research has revised its outlook for the Malaysian economy and expects a more robust Gross Domestic Product (GDP) growth trajectory of 5.0% in 2024. This optimistic outlook is driven by the expectation of a sustained global economic recovery, particularly in China, which is expected to drive increased external demand.
In a note on Monday, TA Securities said Malaysia’s real GDP increased by 3.3% year-on-year (y-o-y) in the third quarter of 2023, coming above its revised expectations during the GDP preview and the median forecast of analysts polled by Bloomberg. The research house also noted that Malaysia’s unwavering commitment to pro-growth initiatives is expected to continue, further supported by increased political stability.
TA Securities believes this will bolster confidence among foreign investors and potentially result in greater influx of capital and portfolio investments into Malaysia. At present, TA Securities maintains its projection for a growth rate of 4.6% y-o-y for the fourth quarter, aligning with an updated annual growth target of 4.0%. However, it remains vigilant and open to adjustments periodically especially in response to any significant setbacks in the country’s economic trajectory.