Congratulations! Malaysia's No.1 economy in Southeast Asia
Malaysia once again proved that it is the best country in Southeast Asia after recording the strongest growth in over 20 years in 2022.Data released by Bank Negara Malaysia (BNM) and the Department of Statistics show that gross domestic product (GDP) grew by 8.7% last year, the highest since 2000.It was much better than earlier forecasts for growth of around 6.5% to 7.0%.This followed the 7% expansion recorded in the fourth quarter (October-December) supported by strong domestic demand.This strengthening was indeed expected, given that Malaysia has shown strong growth momentum throughout the last year.Starting with an expansion of 5.0% in the first quarter of 2022, the economy then continued to grow by 8.9% in the second quarter and was strongest in the third quarter by 14.2%.Commenting on this proud record, BNM Governor Tan Sri Nor Shamsiah Mohd Yunos said the continued increase in domestic demand, the strong recovery of the labor market as well as the recovery of tourism activities were the drivers of the growth.
Malaysia once again proved that it is the best country in Southeast Asia after recording the strongest growth in over 20 years in 2022.
Data released by Bank Negara Malaysia (BNM) and the Department of Statistics show that gross domestic product (GDP) grew by 8.7% last year, the highest since 2000.
It was much better than earlier forecasts for growth of around 6.5% to 7.0%.
This followed the 7% expansion recorded in the fourth quarter (October-December) supported by strong domestic demand.
This strengthening was indeed expected, given that Malaysia has shown strong growth momentum throughout the last year.
Starting with an expansion of 5.0% in the first quarter of 2022, the economy then continued to grow by 8.9% in the second quarter and was strongest in the third quarter by 14.2%.
Commenting on this proud record, BNM Governor Tan Sri Nor Shamsiah Mohd Yunos said the continued increase in domestic demand, the strong recovery of the labor market as well as the recovery of tourism activities were the drivers of the growth.
