ICAEW: Q1 2024 economic growth in Southeast Asia and Malaysia buoyed by electronics exports, but cautious outlook remains

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ICAEW: Q1 2024 economic growth in Southeast Asia and Malaysia buoyed by electronics exports, but cautious outlook remains - Digital News Asia

Quick Summary:

This challenge persists until the US Federal Reserve initiates rate cuts, anticipated to occur in Q3, alleviating pressure on the ringgit and potentially enabling policy rate adjustments.

While Malaysia's Q1 2024 GDP growth showcased resilience, primarily supported by robust electronics exports, the economic outlook remains cautious due to challenges in both domestic consumption and external demand.

However, the Malaysian economy is expected to exhibit modest growth throughout 2024, and although uncertainties persist regarding global economic conditions and domestic policy responses, Bank Negara Malaysia remains confident that there are upside risks from greater spillover from the tech upcycle, more robust tourism activities and faster implementation of existing and new investment projects.