Malaysia's 2022 GDP growth very likely to beat forecasts - PM

KUALA LUMPUR : Malaysia's Prime Minister Anwar Ibrahim on Tuesday said the country's gross domestic product this year was very likely to exceed earlier projections of between 6.5 per cent and 7 per cent.

"This year's economic performance is encouraging as a result of the reopening of the economy in line with a shift to a COVID-19 endemic phase," Anwar, who is also finance minister, said in parliament.

Malaysia's economy has bounced back rapidly from the pandemic after an easing of restrictions in April, but there are concerns that a slowdown in the world economy could hurt export growth going forward.

The economy expanded at its fastest pace in over a year in the third quarter, outrunning the growth rate of many of its Southeast Asian peers, although outlook was clouded by the risk of a global slowdown.

Anwar, who prevailed in a parliamentary confidence motion on Monday aimed at proving his mandate after an election last month, cautioned that the global economic outlook remained uncertain and challenging in 2023, with geopolitical conflicts suppressing growth.

The trade and finance ministries have been tasked with improving the ease of doing business and increasing quality investments, to create high value jobs for Malaysians, he said.

"The government will do its best to strengthen economic indicators, restore investor confidence and rebuild a prosperous Malaysia," Anwar added.