Bank Negara: Malaysia Will Not be Going Into Recession This Year

With reports of a rising cost of living and economic standstill, there were previously reports that Malaysia is heading towards a recession.

However, taking to Twitter, CNA’s @MelGohCNA recently shared a tweet stating that Malaysia will not be made to face a recession this year, as announced by BNM’s Governor Tan Sri Nor Shamsiah Mohd Yunus.

In her tweet she writes: “BNM governor Nor Shamsiah gave the assurance during the unveiling of Q4 economic numbers.”

“The nation’s GDP came in at 8.7% in 2022, the highest in 22 years.”

“The economy grew at 7% in the fourth quarter. Revised GDP forecast for 2023 will be announced February 24th,” she said.

This statement was strengthened by Nor Shamsiah recent press statement which said, “The Malaysian economy would continue to be supported by the continued recovery in the labour market, expected V-shape recovery for the tourism sector and strong investment from both public and the private sector.”

“We are not seeing a global recession (this year). In fact, the International Monetary Fund (IMF) had revised its earlier outlook not just for last year but even this year.”

Let’s hope that the announcement will eventually help us, as consumers, benefit from a more stabile economy in the near future.

What are your thoughts on the matter? Share it with us in the comments section below.

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