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KUALA LUMPUR : Malaysia’s economic growth dropped to 2.9 per cent in the second quarter, hitting the lowest in nearly two years due to weaker exports and a global slowdown, the central bank said on Friday.
Bank Negara Malaysia also said the country’s full-year economic expansion will come in at the lower end of the 4 per cent to 5 per cent range it had forecast earlier, citing global headwinds.
“Risks to Malaysia’s growth outlook is subject to downside risk stemming primarily from weaker-than-expected global growth,” governor Abdul Rasheed Ghaffour said in a statement.
Improving tourist arrivals and faster implementation of domestic projects could provide some upside, he said.
The second-quarter expansion was the slowest pace since the third quarter of 2021 when the economy contracted by 4.2 per cent, and was lower than the 5.6 per cent growth in the first quarter of the year.
Economists surveyed by Reuters had forecast gross domestic product growth at 3.3 per cent in the April to June period.
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