Malaysia emerges as a bright spot in ASEAN

Malaysia emerges as a bright spot in ASEAN

23 Aug 2024

Malaysia has emerged as a rising star in Southeast Asia, with investors increasingly drawn to the country thanks to the MADANI government’s business-friendly policies, said Housing and Local Government Minister, Nga Kor Ming.

He said that improving economic growth, political stability, and strengthening currency are also factors that attracted investors to Malaysia.

“The ringgit has outperformed its regional counterparts to become the best-performing Asian currency thus far this year, after appreciating over five per cent year-to-date,” he said in a statement today.

Meanwhile, the stock market has demonstrated strong momentum, with the FBM KLCI climbing more than 12 per cent year-to-date.

Malaysia’s economic growth has also exceeded expectations, expanding by 4.2 per cent in the first quarter of 2024 (1Q 2024) and 5.9 per cent in 2Q 2024, fuelled by robust private spending, foreign investment influx and strong export performance.

“Malaysia is now back on the right track,” added Nga.

Source: Bernama