Amir Hamzah: Malaysia's 2024 GDP On Track To Surpass National Target

By Nurul Jannah Kamaruddin

KUALA LUMPUR, Oct 8 (Bernama) -- Malaysia is poised to exceed its national growth target in 2024 on the back of sound fiscal policies and an ongoing commitment to reforms under the MADANI economic framework, said Finance Minister II Datuk Seri Amir Hamzah Azizan.

He highlighted that the country’s economic transformation is gathering momentum, despite facing challenges such as political polarisation, a widening socio-economic gap and ongoing geopolitical tensions. 

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"I believe that we all share the confidence that Malaysia is on track to exceed the national growth target of 4.0-5.0 per cent in 2024," he said in his closing remarks at Khazanah Megatrends Forum 2024. 

The minister said that with positive macroeconomic indicators providing a strong setting, Budget 2025 can focus on continuing with sound fiscal policies for economic resilience and people-centric initiatives to ensure no one is left behind. He added that Budget 2025 will be forward-looking, inclusive and resilient. More than that, it will be pro-investment, pro-development, pro-empowerment, and most importantly, pro-people.

"At the finance ministry, efforts are underway to realise the MADANI vision of ‘Building a Better Malaysia Together’. Through engagement sessions and roadshows in preparation for Budget 2025, the finance ministry has engaged with stakeholders from all strata of society – from the people to civil servants, think tanks, industry players, and capital providers. 

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"This is to ensure the creation of a more inclusive, more relevant, and more effective budget that will strengthen the national economy," he continued. 

He highlighted that plans under the MADANI economic framework are seeing evident signs of progress, with the second quarter gross domestic product (GDP) growing 5.9 per cent, supported by a steady recovery in key sectors like construction, manufacturing, services, and tourism. In addition, the strong performance in both foreign and domestic direct investments reflects growing investor confidence. 

Furthermore, inflation moderated to 1.9 per cent in August, helping to ease cost-of-living pressures on the people. 

The performance of the local bourse, which hit an all-time high in market capitalisation of over RM2 trillion in June this year, underscores the resilience of domestic equities despite global uncertainties, he noted. 

The minister pointed out that the ringgit has continued to outperform regional currencies, appreciating 12.5 per cent against the greenback since February this year. 

However, he said that while Malaysia’s growth is encouraging by the numbers, it tells only part of the story. 

"After all, as a country, Malaysia is not defined only by its economy, but also by its people, its culture and its collective attitude towards progress. Therefore, her development must encompass more than just economic metrics; it requires a commitment to inclusivity, embracing the strength of our diversity, nurturing talent and fostering innovation," he added. 

Hence, Amir Hamzah said how Malaysia pursues its next leg of growth depends not only on its ability to stay the course in executing sound policies but also on its capacity to be open to collaboration, innovation and committing to forward-thinking solutions that can have a meaningful national impact.

-- BERNAMA