Publication: Malaysia Economic Monitor, February 2023: Expanding Malaysia’s Digital Frontier
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2023-02
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2023-02
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Global growth has slowed markedly, edging closer to falling into recession. Meanwhile, growth in the East Asia and Pacific (EAP) region, excluding China rebounded, diverging from the global trend, as mobility restrictions were removed. Malaysia’s growth during the quarter was also the highest relative to other regional countries. Like its regional peers, the Malaysian economy bucked the global trend and recorded a strong growth in Q3 2022. Malaysia’s strong performance in Q3 2022 - and for 2022 overall - was in part due likely to the withdrawals from the employee’s provident fund (EPF) which contributed to higher private consumption in Malaysia than in other countries. In addition, improved labor market conditions, other government policy measures such as the increase in the minimum wage and cash assistance programs such as Bantuan Keluarga Malaysia provided additional support. On the supply side, all economic sectors expanded during the period.
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“World Bank. 2023. Malaysia Economic Monitor, February 2023: Expanding Malaysia’s Digital Frontier. © World Bank. http://hdl.handle.net/10986/39438 License: CC BY 3.0 IGO.”
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