Part 6/10:
Malaysia’s economic outlook is also heavily influenced by global conditions. The anticipated reopening of borders promises potential boosts, but uncertainty remains. Growth is forecasted to slow from about 6.5-7% this year to an estimated 4-5% in 2023. Major economies—Europe, the US, and China—are experiencing inflationary pressures and geopolitical tensions, notably the fallout from the Russia-Ukraine conflict and China’s economic challenges.
Since these economies constitute roughly one-third of Malaysia’s exports and contribute nearly 10% to GDP, their sluggishness could hinder Malaysia’s recovery and growth prospects.