BNM Economic & Monetary Review 2023 - 21 March 2024

Silver lining on the horizon despite many external uncertainties in 2024

Bank Negara Malaysia (BNM) forecasts a GDP growth of 4.0% to 5.0% in 2024 (2023: 3.7%), matching with the Ministry of Finance (MoF) projection of 4.0% - 5.0% and aligning with our in-house forecast of 4.5% - 5.0%.

BNM projects continuous growth, fuelled by a resilient domestic demand backed by better labour market conditions, targeted government support, and progress in multi-year government projects. However, external headwinds continue to present risk to the economy.