KUALA LUMPUR, July 17 (Xinhua) -- The Asian Development Bank (ADB) has maintained Malaysia's 2024 and 2025 economic growth forecasts at 4.5 percent and 4.6 percent, respectively.
The bank said in its Asia Development Outlook report released on Wednesday that the gross domestic product (GDP) growth outlook for Malaysia for 2024 and 2025 remains with quarterly GDP growth expected to pick up in the coming quarters.
According to ADB, Malaysia's GDP grew by 4.2 percent in the first quarter of 2024 supported by strong private consumption and continued improvements in employment and wages.
It noted Malaysia's investment posted strong growth, underpinned by solid infrastructure investment and spending on machinery and equipment.
It also said tourist arrivals in the Southeast Asian country continue to bounce back, along with growth in accommodation, transport, real estate, and construction.
Malaysia's manufactured exports also posted a modest recovery, supported by strong export growth from liquid natural gas and crude petroleum products, it added. ■
