Malaysia’s economy forecast to expand 4-5% in 2023
The Malaysian economy is anticipated to start moderating due to impact of global economic instability in the first months of 2023, the country’s Department of Statistics (DOSM) said on December 29.
Kuala Lumpur (VNA) - The Malaysian economy is anticipated to startmoderating due to impact of global economic instability in the first months of2023, the country’s Department of Statistics (DOSM) said on December 29.
Citing the Economic Outlook 2023 by the Finance Ministry,chief statistician Mohd Uzir Mahidin said the Malaysian economy is forecast tomoderate between 4-5% in 2023, in line with the International Monetary Fund’s(IMF) global forecast.
In its World Economic Outlook report for October 2022, theIMF projected the global economy to expand by 2.7% in 2023.
Meanwhile, Mohd Uzir said the growth forecast for the Asianregion was revised to 4.2% in 2022 from 4.3%, and to 4.6% from 4.9% in 2023,based on the recent Asian Development Outlook Supplement for December 2022.
The country’s inflation rate stood at 4% in November 2022,unchanged from the preceding month, said the DOSM./.
Malaysia’s Gross Domestic Product (GDP) growth is likely to exceed the earlier projection of between 6.5 % - 7% in 2022, according to Malaysian Prime Minister Datuk Seri Anwar Ibrahim.
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Malaysia is ready to assist industries, exporters, and people to reap the benefits of the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) which came into effect from 29 November 2022 for Malaysia, according to the country’s Ministry of International Trade and Industry (MITI).
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Vietnam plays an important role in Southeast Asia’s economic growth and is a key partner of her country in realising the shared vision of a peaceful, stable, and prosperous region, said Robyn Mudie, First Assistant Secretary of Office of Southeast Asia (OSA) – Southeast Asia Regional and Mainland Division at Australia’s Department of Foreign Affairs and Trade (DFAT).
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Indonesian Ambassador Rina P. Soemarno, who currently serves as Chair of the ASEAN Committee in Prague, emphasised the spirit of regional solidarity and cooperation, and the importance of enhancing ASEAN–Czech Republic relations.
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Finance Minister Pichai Chunhavajira has outlined a six-point strategy to promote innovation, support small and medium-sized enterprises (SMEs), and push for Thailand's removal from the US Trade Representative (USTR)’s special 301 Watch List regarding intellectual property rights protection among trading partners.
Vietnamese Ambassador to Israel Ly Duc Trung emphasised ASEAN’s central role in regional mechanisms such as the ASEAN Regional Forum (ARF) and the East Asia Summit (EAS), highlighting its significant contribution to promoting peace, stability, and prosperity in Southeast Asia.
The consumer index of the University of the Thai Chamber of Commerce (UTCC), fell to 51.7 in July from 52.7 in the previous month. The sluggish economy and the trade war, as well as high living costs, continue to undermine confidence, the university said.
Deputy Speaker of the Hungarian National Assembly Istvan Jakab expressed his hope for further deepening Hungary’s ties with ASEAN countries and called for their support for Hungary’s accession to the Treaty of Amity and Cooperation in Southeast Asia.
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Illustrative image (Photo: VNA) 
