{"id":57924,"date":"2023-08-21T15:56:43","date_gmt":"2023-08-21T07:56:43","guid":{"rendered":"http:\/\/wordpress-my-161844363.ap-southeast-1.elb.amazonaws.com\/articles\/?p=57924"},"modified":"2023-08-21T15:56:43","modified_gmt":"2023-08-21T07:56:43","slug":"malaysia-low-gdp","status":"publish","type":"post","link":"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp","title":{"rendered":"Malaysia Records Lowest GDP Growth In Two Years"},"content":{"rendered":"

Bank Negara Malaysia (BNM), Malaysia\u2019s central bank has warned that Malaysia will probably reach the lower ends of its previous full-year growth forecast this year. This is due to Malaysia only recording a 2.9% second quarter Gross Domestic Product (GDP) growth.<\/span><\/p>\n

This is the lowest GDP recorded in two years. It is notable as the previous 2 years were impacted by the pandemic lockdowns.\u00a0 The previous dip was in the third quarter of 2021 where Malaysia recorded 4.2% GDP growth.\u00a0 <\/span><\/p>\n

During 2021, many countries were still in different stages of lockdown which impacted the results. 2.9% GDP is also a marked difference from the first quarter\u2019s growth rate, which was recorded at 5.6%.<\/span><\/p>\n

<\/span>Weakening external demand is a factor – BNM<\/span><\/h2>\n

According to the statement from the <\/span>central bank<\/span><\/a>, the second quarter growth was adversely affected by the weakening external demand.<\/span><\/p>\n

\u201cDomestic demand remained the key driver of growth, supported by private consumption and investment,\u201d said BNM.<\/span><\/p>\n

Previously, BNM forecasted that Malaysia’s full-year growth will land somewhere between 4% to 5%.<\/span><\/p>\n

However, some economists have pointed out that the target might be hard to reach as well, if domestic demand weakens.<\/span><\/p>\n

“The weak external demand is expected to weigh on near-term growth. The economy is facing downside risks stemming from weaker-than-expected global growth, and a deeper or longer-than-expected technology downcycle,” Governor Abdul Rasheed Ghaffour told a news conference.<\/span><\/p>\n

<\/span>Global growth will be below average<\/span><\/h2>\n

While he does not expect a worldwide recession, the governor said global growth will be below the long-term average.<\/span><\/p>\n

In a<\/span> press conference<\/span><\/a>, Dato\u2019 Sri Dr. Mohd Uzir Mahidin, Chief Statistician of Malaysia said that the weaker growth in the second quarter of this year reflects the effects of the reopening of Malaysia\u2019s economy in the second quarter of 2022.<\/span><\/p>\n

\u201cOn the demand side, growth was supported by both private and public sector expenditures.<\/span><\/p>\n

\u201cGrowth in overall investment improved, driven by capital expenditure on structures, and machinery & equipment (M&E), as well as improved Government\u2019s fixed assets spending<\/span><\/p>\n

\u201cHowever, during this quarter, net exports registered a contraction due to the more challenging global environment,\u201d said Dato\u2019 Sri Dr. Mohd Uzir Mahidin.<\/span><\/p>\n

Read More: Analysts Forecast For Malaysia’s GDP<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Malaysia has posted a second quarter GDP growth of just 2.9%, the lowest since the third quarter of 2021.<\/p>\n","protected":false},"author":51,"featured_media":57940,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[271,216],"tags":[521,323,1236,1107],"class_list":["post-57924","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","category-news-updates","tag-bank-negara-malaysia","tag-economy","tag-gdp","tag-malaysia"],"acf":[],"yoast_head":"\nMalaysia GDP Grows Only 2.9% In The Second Quarter<\/title>\n<meta name=\"description\" content=\"BNM has warned that the full-year growth will come in at the lower end after Malaysia recorded only a 2.9% second quarter GDP growth.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Malaysia Records Lowest GDP Growth In Two Years\" \/>\n<meta property=\"og:description\" content=\"BNM has warned that the full-year growth will come in at the lower end after Malaysia recorded only a 2.9% second quarter GDP growth.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp\" \/>\n<meta property=\"og:site_name\" content=\"iMoney Malaysia\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-21T07:56:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/08\/21155324\/KL-skyline.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"628\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Haziq Alfian\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Haziq Alfian\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp\",\"url\":\"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp\",\"name\":\"Malaysia GDP Grows Only 2.9% In The Second Quarter\",\"isPartOf\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/08\/21155324\/KL-skyline.jpg\",\"datePublished\":\"2023-08-21T07:56:43+00:00\",\"dateModified\":\"2023-08-21T07:56:43+00:00\",\"author\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a\"},\"description\":\"BNM has warned that the full-year growth will come in at the lower end after Malaysia recorded only a 2.9% second quarter GDP growth.\",\"breadcrumb\":{\"@id\":\"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp#primaryimage\",\"url\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/08\/21155324\/KL-skyline.jpg\",\"contentUrl\":\"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/08\/21155324\/KL-skyline.jpg\",\"width\":1200,\"height\":628,\"caption\":\"Image source: pexels.com\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.imoney.my\/articles\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"News Updates\",\"item\":\"https:\/\/www.imoney.my\/articles\/category\/news-updates\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"Malaysia Records Lowest GDP Growth In Two Years\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#website\",\"url\":\"https:\/\/www.imoney.my\/articles\/\",\"name\":\"iMoney Malaysia\",\"description\":\"Everything you need to know about improving your personal finances.\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.imoney.my\/articles\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a\",\"name\":\"Haziq Alfian\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g\",\"caption\":\"Haziq Alfian\"},\"description\":\"A reader turned writer, Haziq Alfian navigates personal finance, sports, and politics with a practical touch. From money matters to the playing field and political landscapes, Haziq aims at providing you with a grounded, unbiased, and simple look at the daily happenings of the world.\",\"url\":\"https:\/\/www.imoney.my\/articles\/author\/haziq-alfian\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Malaysia GDP Grows Only 2.9% In The Second Quarter","description":"BNM has warned that the full-year growth will come in at the lower end after Malaysia recorded only a 2.9% second quarter GDP growth.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp","og_locale":"en_US","og_type":"article","og_title":"Malaysia Records Lowest GDP Growth In Two Years","og_description":"BNM has warned that the full-year growth will come in at the lower end after Malaysia recorded only a 2.9% second quarter GDP growth.","og_url":"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp","og_site_name":"iMoney Malaysia","article_published_time":"2023-08-21T07:56:43+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/08\/21155324\/KL-skyline.jpg","type":"image\/jpeg"}],"author":"Haziq Alfian","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Haziq Alfian","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp","url":"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp","name":"Malaysia GDP Grows Only 2.9% In The Second Quarter","isPartOf":{"@id":"https:\/\/www.imoney.my\/articles\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp#primaryimage"},"image":{"@id":"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp#primaryimage"},"thumbnailUrl":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/08\/21155324\/KL-skyline.jpg","datePublished":"2023-08-21T07:56:43+00:00","dateModified":"2023-08-21T07:56:43+00:00","author":{"@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a"},"description":"BNM has warned that the full-year growth will come in at the lower end after Malaysia recorded only a 2.9% second quarter GDP growth.","breadcrumb":{"@id":"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.imoney.my\/articles\/malaysia-low-gdp"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp#primaryimage","url":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/08\/21155324\/KL-skyline.jpg","contentUrl":"https:\/\/static.imoney.my\/articles\/wp-content\/uploads\/2023\/08\/21155324\/KL-skyline.jpg","width":1200,"height":628,"caption":"Image source: pexels.com"},{"@type":"BreadcrumbList","@id":"https:\/\/www.imoney.my\/articles\/malaysia-low-gdp#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.imoney.my\/articles\/"},{"@type":"ListItem","position":2,"name":"News Updates","item":"https:\/\/www.imoney.my\/articles\/category\/news-updates"},{"@type":"ListItem","position":3,"name":"Malaysia Records Lowest GDP Growth In Two Years"}]},{"@type":"WebSite","@id":"https:\/\/www.imoney.my\/articles\/#website","url":"https:\/\/www.imoney.my\/articles\/","name":"iMoney Malaysia","description":"Everything you need to know about improving your personal finances.","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.imoney.my\/articles\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/c8b6d65e0078bab2c19286b8db39547a","name":"Haziq Alfian","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.imoney.my\/articles\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/4165e8554ae5d986f5bed18bcaa78ba3?s=96&d=mm&r=g","caption":"Haziq Alfian"},"description":"A reader turned writer, Haziq Alfian navigates personal finance, sports, and politics with a practical touch. From money matters to the playing field and political landscapes, Haziq aims at providing you with a grounded, unbiased, and simple look at the daily happenings of the world.","url":"https:\/\/www.imoney.my\/articles\/author\/haziq-alfian"}]}},"_links":{"self":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/57924"}],"collection":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/users\/51"}],"replies":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/comments?post=57924"}],"version-history":[{"count":3,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/57924\/revisions"}],"predecessor-version":[{"id":57941,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/posts\/57924\/revisions\/57941"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media\/57940"}],"wp:attachment":[{"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/media?parent=57924"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/categories?post=57924"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.imoney.my\/articles\/wp-json\/wp\/v2\/tags?post=57924"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}