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KUALA LUMPUR (Nov 20): TA Securities Research is optimistic about the future of the Malaysian economy, predicting a growth rate of 5.0% in 2024. The research house attributes this outlook to a sustained global economic recovery, particularly in China, which is expected to drive increased external demand.

In a note released on Monday, TA Securities said that Malaysia’s real GDP grew by 3.3% year-on-year (y-o-y) in the third quarter of 2023, beating its revised expectations during the GDP preview and the median forecast of analysts polled by Bloomberg. The research house added that Malaysia’s government’s commitment to pro-growth initiatives is expected to continue, supported by increased political stability.

The positive outlook for Malaysia’s economy has the potential to bolster confidence among foreign investors, potentially resulting in an influx of capital and portfolio investments. Despite this optimism, TA Securities remains vigilant and open to adjustments in its projections periodically, especially in response to any significant setbacks in Malaysia’s economic trajectory. At present, TA Securities maintains its projection for 4.6% y-o-y growth for the fourth quarter, aligning with an updated annual growth target of 4.0%.

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