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Kuala Lumpur: Malaysia will not experience an economic downturn in 2023 despite global uncertainties, said Deputy Finance Minister Datuk Seri Ahmad Maslan.

He noted that for a technical economic recession to happen, there would have to be two consecutive quarters of contraction.

The government has forecast this year’s economic growth at 4.5 per cent, compared to last year’s growth of 8.7 per cent.

“In fact, the International Monetary Fund and World Bank have forecast Malaysia’s 2023 economic growth to be at 4.4 and 4.0 per cent, respectively,” he told Parliament in response to queries.

Ahmad said the government will continue to prioritise economic growth and equitable development for the people as well as make Malaysia an attractive investment destination.

“This includes simplifying the investment process and creating more innovative startups and job opportunities,” he added.