Key View: We hold a positive outlook for consumer spending in Malaysia over 2025, as the ongoing economic recovery feeds through to stable real consumer spending growth over the year. A reduction in inflationary pressures and a stable labour market will underpin consistent consumer spending. Contact online >>
Key View: We hold a positive outlook for consumer spending in Malaysia over 2025, as the ongoing economic recovery feeds through to stable real consumer spending growth over the year. A reduction in inflationary pressures and a stable labour market will underpin consistent consumer spending.
In 2022, services accounted for 50.9% of GDP (value added), industry for 39.2%, and agriculture for 8.9%. As a middle-income economy, Malaysia aspires to become a high-income country by 2025. IMF''s growth projections for 2022-26 suggest that the economy is on track to meet this target, despite the severe recession in 2020.
Thanks to the growth in exports and robust domestic demand, the Malaysian economy recorded year-on-year growth of 5.1% in the first half of 2024, after an annual expansion of 3.7% in 2023. The IMF is projecting a real economic growth of 4.8% and an inflation of 2.8% for the year 2024.
Market research on consumer products, commercial industries, demographics trends and consumer lifestyles in Malaysia. Includes comprehensive data and analysis, tables and charts, with five-year forecasts.
Malaysia''s economy is expected to strengthen in 2024, with gross domestic product projected to fall between 4% and 5% amid investments and expansion across the majority of sectors.
Expert analysis of opportunities and risks across emerging and frontier markets.
Key View:We hold a positive outlook for consumer spending in Malaysia over 2025, as the ongoing economic recovery feeds through to stable real consumer spending growth over the year. A reduction in inflationary pressures and a stable labour market will underpin consistent consumer spending. Although consumer confidence is currently tepid, recent
Telecommunications / Malaysia / Fri 06 Sep, 2024
Pharmaceuticals / Malaysia / Tue 27 Aug, 2024
Telecommunications / Malaysia / Thu 08 Aug, 2024
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Malaysia experienced rapid industrialization from 1970 to 1990, shifting from a primarily mineral and agricultural export economy to one dominated by services and industry. In 2022, services accounted for 50.9% of GDP (value added), industry for 39.2%, and agriculture for 8.9%. As a middle-income economy, Malaysia aspires to become a high-income country by 2025. IMF’s growth projections for 2022-26 suggest that the economy is on track to meet this target, despite the severe recession in 2020.
Going forward, the major barriers to Malaysia’s economic growth and increased productivity are its demographic outlook, insufficient skill levels, as well as the trade relationship with ASEAN, China and the West.
In terms of demographic trends, the growth of the working-age population is expected to slow steadily throughout the coming years, while the number of people aged 65 or over will steadily increase. Malaysia can mitigate the economic consequences of an aging population by increasing participation in the labor force, particularly among women, and by raising the retirement age from the current 60 years to a maximum of 65 years or more. These measures could help to alleviate an anticipated shortage of experts and skilled labor.
On the external front, trade growth has been recognized as a key driver of expansion and is expected to continue playing this role. Two large trading blocs will dominate the first half of the 21st century in Asia – the Regional Comprehensive Economic Partnership (RCEP) and the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). The establishment of RCEP in the early 2020s and the enlargement of the CPTPP will provide a solid foundation for building a free-trade agreement for the Asia-Pacific region. However, negotiations for such a deal are not expected to be concluded until the 2030s at the earliest.
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