KUALA LUMPUR, Aug. 27 (Xinhua) -- Malaysia's economic growth is projected to reach 4.9 percent in 2024 and 4.7 percent in 2025, the Organization for Economic Cooperation and Development (OECD) said Tuesday.
The OECD said in a report that the growth is mostly driven by expanding domestic demand in the Southeast Asian country.
It also said the country's exports are set to rebound amid stronger external demand.
According to the OECD, buoyant domestic demand and new opportunities in technology-intensive sectors and the expected rebound in exports will encourage private investment despite higher financing costs.
However, it noted that export developments are subject to geopolitical risks, which could affect Malaysia's economy given its strong exposure to foreign markets.
Overall, it opined that Malaysia's economy has shown resilience in the face of shocks, including the pandemic and supply chain bottlenecks.
Amid weaker export demand in 2023, the growth has been driven by domestic consumption, supported by low unemployment, it added. ■