Speaking at the Sasana Symposium in Kuala Lumpur on June 12, Finance Minister II Datuk Seri Amir Hamzah Azizan said Malaysia's economy is projected to grow between 4% and 5% in 2024, supported by export recovery and resilient domestic demand.
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00:00The Malaysian economy is projected to grow 4-5% in 2024, supported by export recovery
00:11and resilient domestic demand. Trade recovery will be underpinned by the global technology
00:17upcycle and further recovery in tourism activity. Household spending will be underpinned by
00:24improving income and employment. Investment activity will be driven by further progress
00:30of multi-year investment projects by both public and private sectors.
00:38Implementation of catalytic initiatives under the various master plans such as the National
00:43Energy Transition Roadmap, NETA, New Industrial Master Plan 2030,
00:51and the 12th Malaysia Plan would further boost investments.
00:56The 4.2% GDP growth recorded in the first quarter of 2024 reaffirms our positive outlook for the
01:03year. In particular, we saw a turnaround in exports to record positive growth of 2.2%
01:09and positively, investment activity recorded a robust expansion of 9.6%.
01:15A favourable external position characterised by a current account surplus, adequate international
01:24reserves, and manageable external debt, along with a resilient and developed financial system,
01:31ensures Malaysia can handle extreme shocks and maintain uninterrupted financial intimidation.
01:40Allow me to zoom in on a few priorities aimed at strengthening the critical foundations
01:45needed to deliver sustainable economic gains for the Malaysian people.
01:51First, to raise the floor by creating more fiscal space and making the economic pie bigger
01:59for more participation. Second, to raise the ceiling by enhancing social protection.
02:05And third, to put in place good governance. The ongoing megatrends in the global economy
02:12present Malaysia with new prospects and opportunities. Malaysia is well positioned
02:18to benefit from reconfiguration of the global value chain. To make the most of this opportunity,
02:26we prioritise policies to attract high-quality investments that boost our economic competitiveness
02:34and create high-value jobs. Only by working together can we make structural reforms a reality.
02:42There will be challenges along the way, some of them significant. Overcoming these challenges
02:48will require us to draw on our collective experience and expertise to do the right thing
02:56at the right time. This Sasana Symposium affords us an opportunity to uncover
03:03valuable insights and opportunities perhaps not considered before, to support efforts
03:10that will propel Malaysia towards a prosperous and inclusive future. I wish all of you a productive
03:18discourse ahead. With that, I hereby officiate Sasana Symposium 2024. Thank you.
03:29On the count of three. One, two, three.