Summary
Malaysia’s GDP growth accelerated to +5.9% yoy in 2Q24 (1Q24 at +4.2 yoy), and came above advanced estimate of +5.8% yoy. For 1H24, the economy expanded +5.1% (1H23 at +4.1% yoy), which largely on track to meet the Government projection of +4.0%-5.0% for 2024 and surpassed our initial forecast of +4.1% yoy for end-2024.
We expect Malaysia’s Real GDP growth to remain steadfast in 2H24 to end at +5.2% in 2024 vs. 3.6% in 2023, supported by (i) stronger domestic spending, (ii) stability and gradual improving labour market conditions, (iii) progressive income growth, (iv) execution of multi-year projects from approved investments, (v) resumption of global technology upcycle and (vi) recovery in tourism spending. End 2025 target kept unchanged at +4.6% yoy.
Headline and core inflation is projected to inch higher to +2.6% yoy and +2.5% yoy in 2024, which is in line with BNM’s projection of 2.0%-3.5% and 2.0%-3.0% respectively, impacted by the implementation of the diesel subsidy rationalisation and hike of the SST to 8.0%.
With expectations that BNM will maintain OPR at 3.0%, our 2024 year-end projection for USD/MYR is between 4.20-4.30, supported by the prospects of US interest rate cut(s) and steady economic improvements from structural reforms on the domestic front.
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Stock | Last (RM) | Change (RM) | Volume |
---|---|---|---|
0.060 | 0.000 | 165.13M | |
0.060 | -0.010 | 127.06M | |
0.295 | -0.030 | 98.00M | |
0.235 | 0.020 | 62.63M | |
0.200 | -0.025 | 59.84M | |
0.480 | 0.020 | 43.06M | |
0.160 | 0.020 | 38.89M | |
0.210 | -0.035 | 32.53M | |
0.020 | -0.005 | 28.35M | |
0.855 | -0.070 | 26.89M |
Stock | Last (RM) | Change (RM) | Volume |
---|---|---|---|
1.070 | 0.200 | 10.00K | |
1.980 | 0.170 | 56.80K | |
17.620 | 0.120 | 124.40K | |
3.440 | 0.110 | 137.70K | |
14.220 | 0.100 | 18.10K | |
13.500 | 0.100 | 14.10K | |
3.440 | 0.090 | 568.70K | |
4.480 | 0.080 | 51.20K | |
1.250 | 0.080 | 0.60K | |
1.060 | 0.080 | 1.95M |
Stock | Last (RM) | Change (RM) | Volume |
---|---|---|---|
28.600 | -1.100 | 148.70K | |
26.520 | -0.960 | 114.30K | |
18.300 | -0.340 | 69.40K | |
0.035 | -0.265 | 1.10M | |
5.300 | -0.170 | 33.20K | |
3.830 | -0.170 | 2.60M | |
4.770 | -0.160 | 91.50K | |
1.010 | -0.130 | 800.00K | |
2.300 | -0.120 | 462.00K | |
3.080 | -0.110 | 7.44M |
Currency | Buy Rates (RM) | Sell Rates (RM) |
---|---|---|
USD | 4.389719 | 4.419319 |
EUR | 4.730753 | 4.734314 |
CNY | 0.613618 | 0.614097 |
HKD | 0.564733 | 0.568558 |
SGD | 3.307640 | 3.330253 |
Last Updated: Friday, November 8, 2024
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