The Malaysian Central Bank announced Friday that Malaysia’s economy eased to 3.7 percent in 2023 from 8.7 percent in 2022, amid global trade challenges.
Bank Negara Malaysia (BNM) said in a statement that the growth moderated amid a challenging external environment, which was due mainly to slower global trade, the global tech downcycle, geopolitical tensions and tighter monetary policies.
On the domestic front, it said that despite the lapse of large policy support provided as the economy started to open up in 2022, the continued recovery in economic activity and labor market conditions supported growth in 2023.—APP
