Malaysia On Track To Achieve 4.0 To 5.0 Pct Gdp Projection This Year - Tengku Zafrul

KUALA LUMPUR, Aug 19 (Bernama) — A robust gross domestic product (GDP) growth of 5.9 per cent in the second quarter of 2024 is a positive indicator that Malaysia is on track to achieve its GDP projection of around 4.0 to 5.0 per cent for the year.

Minister of Investment, Trade and Industry Tengku Datuk Seri Zafrul Abdul Aziz said in a post on X today that among the factors contributing to the GDP growth in the second quarter was a significant increase in private investment, as investors are increasingly confident about the country’s economic prospects.

“Private investment increased by 9.2 per cent in the first quarter of 2024 and rose by 12 per cent in the second quarter, while the manufacturing sector grew by 1.9 per cent in the first quarter and by 4.7 per cent in the second quarter.

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“The New Industrial Master Plan (NIMP) 2030 is already starting to show results,” Tengku Zafrul said.

He highlighted that the surge in exports driven by global demand for Malaysian products, particularly in the electrical and electronics (E&E) sector, also contributed to the GDP growth in the second quarter of 2024.

“The second quarter of 2024 saw a 3.4 per cent increase in net exports, and the World Semiconductor Trade Statistics has forecast a 16 per cent rise in semiconductor demand this year.

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“The implementation of the National Semiconductor Strategy should ensure Malaysia remains a key player in the global semiconductor industry,” the minister said.

Tengku Zafrul also said that the Ministry of Investment, Trade and Industry (MITI) will continue to work on advancing the local industry, boosting trade, and attracting quality investments to create more high-paying jobs for Malaysians.

 -- BERNAMA