BNM projects GDP to grow between 5.3-6.3%

by ASILA JALIL / pic by TMR FILE

BANK Negara Malaysia (BNM) expects Malaysia’s economy to grow between 5.3% and 6.3% in 2022, slightly lower than the projection made by the government which is between 5.5% and 6.5%.

BNM governor Tan Sri Nor Shamsiah Mohd Yunus said growth will be underpinned by both external and domestic demand against a challenging operating environment.

Key challenges this year include Covid-19 pandemic developments, ongoing geopolitical conflicts and elevated cost and price pressures.

“Growth will be driven by improved domestic economic activity and continued expansion in external demand supported by the tech upcycle,” she said in a virtual press briefing on the central bank’s annual report today.