PETALING JAYA: Malaysia is poised to exceed its national growth target in 2024 on the back of sound fiscal policies and an ongoing commitment to reforms under the Madani economic framework, says finance minister II Amir Hamzah Azizan.
"I believe we all share the confidence that Malaysia is on track to exceed the national growth target of 4%-5% in 2024," Bernama reported him as saying in his closing remarks at the Khazanah Megatrends Forum 2024.
Amir highlighted evident signs of progress, with the gross domestic product (GDP) in the second quarter growing 5.9%, supported by steady recovery in key sectors like construction, manufacturing, services and tourism.
Inflation moderated to 1.9% in August, helping ease cost-of-living pressures on the people.
Amir said the performance of the local bourse, which hit an all-time high in market capitalisation of over RM2 trillion in June this year, underscores the resilience of domestic equities despite global uncertainties.
He also pointed out that the ringgit has continued to outperform regional currencies, appreciating 12.5% against the greenback since February this year.
Amir said the country’s economic transformation is gathering momentum, despite challenges such as political polarisation, a widening socio-economic gap and ongoing geopolitical tensions.
He said on the back of positive macroeconomic indicators, Budget 2025 can focus on continuing sound fiscal policies for economic resilience and people-centric initiatives to ensure no one is left behind.
“Through engagement sessions and roadshows in preparation for Budget 2025, the finance ministry has engaged with stakeholders from the ordinary people to civil servants, think tanks, industry players and capital providers.
"This is to ensure the creation of a more inclusive, relevant and effective budget that will strengthen the national economy," he said.
