Key facts
- Malaysia's economy grew by 6.0% in the second quarter of 2024.
- The second-quarter growth exceeded expectations.
- Strong exports contributed to the economic growth.
- Resilient domestic demand also fueled the growth.
- AI investment and semiconductor demand were key drivers.
- The central bank projects 4%-5% growth for the full year 2024.
Malaysia's Gross Domestic Product (GDP) demonstrated robust growth in the second quarter of 2024, expanding by 6.0%. This rate of expansion exceeded market expectations, signaling a strengthening economic performance. The primary catalysts for this acceleration were strong export figures and resilient domestic demand. Notably, significant investments in artificial intelligence (AI) and a high global demand for semiconductors played a crucial role in bolstering economic activity. The central bank of Malaysia has projected that the economy will achieve a full-year growth rate between 4% and 5% for 2024. This forecast indicates continued, albeit potentially moderated, economic expansion for the remainder of the year.