ASIATODAY.ID, JAKARTA – Malaysia’s economy is experiencing significant growth.
The Department of Statistics Malaysia (DOSM) projects Malaysia’s Gross Domestic Product to grow 5.8 percent in the second quarter of 2024. This figure is up from 4.2 percent in the previous quarter and marks the highest growth after the second quarter of 2022 which reached 7.4 percent.
However, economic growth figures for this quarter will only be officially announced on August 16.
“In terms of quarter-on-quarter performance, the Malaysian economy increased 0.7 percent from a decline in growth of 3.1 percent in the first quarter of 2024,” said a DOSM statement quoted on Sunday, July 21 2024.
According to DOSM, economic performance was supported by growth in all sectors during this quarter, especially the service, manufacturing and agricultural sectors. The services sector grew by 5.6 percent, up from 4.7 percent in the previous quarter.
Meanwhile, the manufacturing sector experienced a significant increase to 4.7 percent, a sharp increase from only 1.9 percent in the first quarter yesterday. The agricultural sector experienced rapid growth of 7.1 percent, up from 1.6 percent in the previous quarter.
The construction sector showed remarkable progress, with growth increasing to 17.2 percent from 11.9 percent in the previous quarter. In contrast, mining sector growth slowed to 3.3 percent, down from 5.7 percent in the previous quarter.
“Overall, the Malaysian economy in the first half of 2024 grew by 5 percent compared to 4.1 percent in the same period in 2023,” DOMS said.
The achievement of economic growth was enthusiastically welcomed by Malaysian Prime Minister Anwar Ibrahim. He said 5.8 percent was an extraordinary figure and beyond everyone’s predictions.
“Thank you to all the people. Thank you to the workers. Thank you to the professionals. Thank you to the investors,” he said in a video uploaded to his Instagram account.
Anwar said that achieving economic growth would provide an opportunity for Malaysia to emerge as a strong country. He also believes that with cooperation, the Malaysian economy will be successful. (AT Network)
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