Malaysia's economy grew faster than expected in the first quarter buoyed by firm domestic demand, spurring the central bank to downplay fears of a global slowdown hitting the export-dependent country.
of 2022, revised from a previously announced 7.0%.
"The economy is no longer in crisis and in fact, continues to gain strength," she said. "Risks to the growth outlook are fairly balanced, with downside risks emanating primarily from external factors."But cooling global demand is expected to weigh on the outlook for the export-oriented Southeast Asian economy, with some analysts predicting growth could fall short of the Bank Negara Malaysia's forecast for a 4%-5% expansion in 2023.
Inflation was seen moderating but remaining elevated through 2023, with strong domestic demand and possible changes to Malaysia's subsidy policies potentially driving prices higher, Nor Shamsiah said. Some economists had seen last week's rate increase - which marked the return of borrowing costs to pre-pandemic levels - as signalling the end of the central bank's tightening cycle.
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