Malaysia ranked 14th as fastest growing economy in Asia

Malaysia ranked 14th as fastest growing economy in Asia

05 Apr 2024

Malaysia has been listed in the top 20 as one of the fastest growing economies in Asia.

A detailed analysis by Insider Monkey said Asia’s regional economic growth has improved, projected at 4.5 per cent as opposed to prior expectations of 4.2 per cent.

The report was quoted saying that Asia is expected to contribute two-thirds to the global growth.

In the list, Malaysia came in 14th place recording the country’s real GDP growing at 4.3 per cent and GDP per capita growing at 6.75 per cent.

However, Malaysia’s real GDP growth was recorded at four per cent in 2023 and 8.7 per cent in 2022.

An analysis by the International Monetary Fund also showed the country’s inflation rate was recorded at 2.7 per cent compared to last year’s rate at 2.9 per cent.

In the list, Thailand took the 20th spot with the country’s real GDP growth rate at 3.2 per cent and GDP per capita at 5.94 per cent.

Meanwhile, the top five Asian countries listed as the fastest-growing economies are:

1. Macao (2024 real GDP growth rate (2024) at 27.2 per cent and 2024 GDP Per Capita Growth Rate at 29.16 per cent)

2. India (2024 real GDP growth rate at 6.3 per cent and 2024 GDP per capita growth rate at 9.00 per cent)

3. Cambodia (2024 real GDP growth rate at 6.1 per cent and 2024 GDP per capita growth rate at 6.34 per cent).

4. Bangladesh (2024 real GDP growth rate at 6 per cent and 2024 GDP per capita growth rate at 0.94 per cent)

Source: The Sun