KUALA LUMPUR (Oct 7): Malaysia’s economic growth in 2022 could land higher than initial estimates at 6.5%-7%, before slowing to 4%-5% in 2023, said the Ministry of Finance in its 2023 Economic Outlook report. The slower growth seen for 2023 is against the backdrop of softening world economic growth and trade activities due to inflationary pressure, tightening of financial conditions, supply strains and geopolitical fragmentation, the report said. However, it should be noted that the forecast is on the back of the International Monetary Fund's (IMF) 2023 global growth forecast of 2.9%. Higher private, public spending seenIn 2023, domestic demand growth is expected to slow to 5.1%, from an estimated 6.3% growth in 2022, as private consumption growth moderates to 6.3%, compared with 8.7% during the same period. Read more stories from the Economic Report 2022/2023 here.

Source: The Edge Markets October 07, 2022 08:39 UTC