Juwai IQI Expects Malaysia GDP to Grow 4.7% in 2023; 4.9% in 2024

August 22, 2023

Malaysia’s outlook is surprisingly bright despite the global economic growth slowdown. Its economic growth is expected to surpass some Asian, European and North American countries, both this year and 2024, according to Irhamy Valuers International CEO and founder Irhamy Ahmad.

“We expect (gross domestic product) GDP growth to come in at 4.7% in Malaysia this year, and our forecast for 2024 is 4.9%.

“One way we see this growth is through a 30% increase in valuation jobs for large construction machinery and factory equipment. Companies are replacing their machinery to increase productivity and accommodate demand growth, which is an excellent sign for the economy,” he said in a statement today.

He said that higher interest rates, soft demand, and high inflation are weakening the outlook in developed countries. He added that the International Monetary Fund predicts world economic growth will likely be 3% this year and next.

“Developed countries are faring worse. GDP growth will only be 0.9% this year in the Euro area and 1.8% in the United States,” he remarked.

Irhamy said that the three sectors driving the positive outlook are the transition to net zero, trade, and the digital economy.

“Malaysia’s growing economy needs ever-more power, so the transition to net zero requires not just replacing current power generation with greener alternatives but also building entirely new capacity that is green right from the beginning. That means hundreds of millions of ringgits of investment.

Read more on Malaysia’s growth in 2023 and 2024:

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