Asian Economy: Overview, Growth and Development - Malaysia's economic growth predicted to slow down in 2023.

Byline: S. KAMAL HAYDER KAZMI

The Asian Development Bank (ADB) has projected Malaysia's economy to grow at 4.7 percent in 2023, and 4.9 percent in 2024. The ADB said in its latest Asian Development Outlook report released on April 4 that Malaysia's growth exceeded expectations in 2022, buoyed by strong domestic consumption and a rebound in services, as borders reopened and economic activity normalised.

The bank said inflation remained broadly muted, dampened by government subsidies and price controls, adding that a less accommodative monetary stance was adopted in response to higher global interest rates.

Growth is expected to moderate, and inflation to decelerate in 2023 and 2024, mainly tracking changes in the global environment, it noted, saying that Malaysia...