KUALA LUMPUR, Feb 15 (Bernama) -- The strong gross domestic product (GDP) growth of 5.1 per cent in 2024 is a testament to the effectiveness of the MADANI Economy policies, said Prime Minister Datuk Seri Anwar Ibrahim.
Anwar, who is also the Finance Minister, said the policies have been successful in boosting investor confidence and strengthening the country’s economic growth.
“Insya-Allah (God willing), the MADANI government will continue to strive to sustain this positive momentum and further improve its performance this year for the well-being of the people,” he said in a Facebook post today.
The Prime Minister noted that Malaysia’s economy had outperformed initial growth projections of 4.0-5.0 per cent, surging well beyond the 3.6 per cent recorded in 2023.
He also highlighted that the MADANI government has successfully reduced the fiscal deficit to 4.1 per cent, surpassing the initial target of 4.3 per cent.
The strong growth was driven by a 12 per cent surge in investments -- the highest in 12 years -- and continued expansion in exports, particularly in the electrical and electronics (E&E) sector.
“The recovery in the tourism sector and the accelerated implementation of key infrastructure projects also supported economic growth,” he added.
On Friday, Bank Negara Malaysia (BNM) announced that the nation’s GDP growth was underpinned by the continued expansion in domestic demand and a rebound in exports.
On the domestic front, growth was mainly driven by stronger household spending reflecting favourable labour market conditions, policy measures to support households and healthy household balance sheets, according to the central bank.
“Additionally, strong investment approvals and further progress of multi-year projects by the private and public sectors, which includes catalytic initiatives under national master plans (i.e. New Industrial Master Plan, National Energy Transition Roadmap, and National Semiconductor Strategy) provided further impetus to investment growth,” it said.
-- BERNAMA
