KUALA LUMPUR, Mar 4 : Despite the global economic slowdown and uncertainties in advanced economies, Malaysia is poised to achieve a steady and structured economic growth.
Global Chief Economist of Juwai IQI, Shan Saeed , projected the growth rate of the nation to achieve a rate of 4.3% to 4.8% in 2024.
“Malaysia is one of the few economies in the region that has a balanced and diversified economic structure, with a strong domestic demand and a robust export sector,” he said.
According to Shan, the U.S Federal Reserve is likely to cut interest rates more than three times in 2024, as it tries to fend off the recessionary fears and the impact of the trade war with China.
“This will have a positive effect on the emerging markets, as it will ease the pressure on their currencies and debt servicing costs, and stimulate capital inflows,” he added.
In regards to the Ringgit, he expected it to trade between 4.17 and 4.44 against the US dollar in 2024, reflecting Malaysia’s economic fundamentals and external balances.
“The macroeconomic stability is embedded in the equation so we are still buoyant on the Malaysian economic outlook for 2024,”said Shan.
The Ringgit opened higher against the US dollar and other major currencies on Monday, in anticipation of Bank Negara Malaysia’s (BNM) decision on the overnight policy rate (OPR) on March 7.
At 9 AM, the Ringgit rebounded to 4.7230/7280 against the greenback compared with Friday’s close of 4.7440/7480.
Article Source from : TNS Media Consultant https://tnsmediaconsultant.com/2024/02/15/malaysia-a-beacon-of-economic-stability-amidst-turbulent-times-chief-economist/– TVS
