Malaysia’s economy predicted to grow 4.5% this year

Malaysia’s economy is forecasted to grow by 4.5% in 2024, according to Hong Leong Bank Bhd (HLB). This positive outlook is attributed to factors such as an increase in foreign direct investment, a rebound in the tourism sector fueled by visa-free access for certain countries, and higher infrastructure spending. The tourism sector, in particular, is expected to gain from relaxed visa policies for visitors from China, India, and select Middle Eastern nations. Additionally, the Malaysian ringgit is projected to stabilise against the US dollar, influenced by a potential softening of the dollar and anticipated rate cuts by the US Federal Reserve.