Malaysia experienced strong economic growth of 5.3% in the third quarter of 2024, mainly due to increased investment and a boost in exports.
The Governor of Bank Negara Malaysia, Abdul Rasheed Ghaffour, also emphasized that consumer spending has been a major contributor, supported by job stability and favorable government policies.
Compared to the 3.3% growth seen in the same quarter last year, this increase shows the resilience of the Malaysian economy.
The country's inflation rate remained stable at 1.9% influenced by factors such as price stability and strong demand in the technology sector worldwide, which boosted exports.
The Malaysian ringgit, which had previously struggled, appreciated by nearly 14.9% against the United States (US) dollar, due to changes in US monetary policy, easing pressure on the currency.
However, there was a slight decline in the value of the ringgit from October to November due to the strengthening of the US dollar ahead of the 2024 US presidential election.
