KUALA LUMPUR – Standard Chartered (OTC:SCBFF) has predicted a 4.8% growth in Malaysia's gross domestic product (GDP) for the year 2024, driven by robust consumer spending and a rebound in electronics exports. The forecast indicates a positive outlook for the Southeast Asian economy amid a backdrop of global economic challenges.
The labor market in Malaysia remains stable, with the unemployment rate expected to maintain at around 3.3-3.4%. This steady employment scenario contributes to the resilience of the domestic economy, providing a solid foundation for consumer confidence and spending.
Malaysia's diverse export portfolio is another factor that is likely to bolster the economy against potential external shocks. The country's wide range of exported goods could help it navigate through the uncertain global trade environment.
In terms of currency, the Malaysian ringgit is anticipated to have a neutral performance, with Standard Chartered projecting it to settle at RM4.40 against the US dollar by the end of 2024. This stability in the exchange rate is seen as a reflection of the underlying strength of the Malaysian economy.
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