Malaysia Targets 5.5% Economic Growth by 2025

Driven by wage hikes for the public and private sector

October 22, 2024

Malaysia aims for 4.5%-5.5% economic growth by 2025, boosted by wage increases for government and private sector workers.

Domestic consumption is expected to rise, but the export-reliant economy faces risks from global market instability. Exports to China dropped in September, impacting overall trade.

Q3 2024 growth hit 5.3%, beating a 5.1% forecast, driven by services and manufacturing.

Prime Minister Anwar Ibrahim raised the 2024 growth forecast to 4.8%-5.3%, with a focus on reducing the fiscal deficit and cutting petrol subsidies in 2025.