Malaysia’s economy expanded substantially in a year, supported by a rise in consumer spending that helped services and manufacturing rebound. This gave the central bank more room to concentrate on combating inflation.
According to Bank Negara Malaysia (BNM), gross domestic product expanded 8.9% in April-June from a year ago, beating the 7% median estimate in a Bloomberg survey. Output rose 3.5% from the first quarter against a median estimate of a 1% growth.
The resource-rich economy is gaining traction on pent-up demand from the easing of mobility restrictions, rising employment and firmer prices for the country’s commodity exports.
Nor Shamsiah Mohd Yunus, the central bank Governor said the government now expects full-year GDP growth at the upper end of its 5.3%-6.3% forecast.
At the same time, headline inflation will probably average closer to the top end of a 2.2%-3.2% range, the governor said, adding that monetary policy continues to be accommodative after raising the policy rate by a total of 50 basis points since May.
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