KUALA LUMPUR: The domestic economy's encouraging performance in the first quarter of 2024 (1Q24) indicates that the government's policies and economic management are effective in promoting growth.
In spite of the turbulent global economy, Malaysia's economy has performed strongly, according to Prime Minister Datuk Seri Anwar Ibrahim, who is also the Finance Minister.
Improvements in export performance and a revitalised domestic demand powered up Malaysia's economy in the first quarter of 2024 (Q1 2024) by 4.2 per cent (Q4 2023: 2.9 per cent).
"With the Q1 2024 growth exceeding Bloomberg consensus forecast of 3.9 per cent, the government is optimistic that Malaysia's gross domestic product (GDP) is well placed to expand within the official forecast range of 4.0-5.05 per cent," Anwar said in a statement issued by the Ministry of Finance (MoF) today.
He said within the first full year in office, the Madani government had initiated a full set of policy reforms and remained committed to its reform agenda to transform the economy and public delivery.
Anwar added thay the government is committed to see through the policy implementation set forth in the Madani Economy framework in the months and years ahead.
"The optimism springing in the domestic capital markets, exemplified by (Bursa Malaysia's benchmark index) FBM KLCI etching new highs, reflects global investors' renewed interest in Malaysia's reform narrative," he said.
According to the MoF, the continued economic growth momentum signifies the country's strong fundamentals and investors' confidence on the economy, buoyed by sound Madani government's policies.
The Madani framework, which mapped out fresh strategies for Malaysia's economic growth and identified new growth industries, has started to bear positive results evidenced by the economy's continuing expansion.
The MoF added that this is further catalysed by economic measures outlined in 2024 Budget and the government's commitment to introduce responsible fiscal management while ensuring the welfare of vulnerable communities are protected.
"In addition, the implementation of strategies and measures under the National Energy Transition Roadmap, New Industrial Master Plan 2030 as well as the ongoing 12th Malaysia Plan initiatives will continue to attract quality investments in high value-added industries that in turn will create high-income jobs and enhance quality of living of the people," said the ministry.
Moving forward, the ministry said efforts are being made to further strengthen public service delivery as well as increase productivity, to ensure pro-economic growth policies are executed as planned to achieve the nation's aspiration.