Malaysia’s economy grew at a slower-than-estimated pace in the fourth quarter of 2023, as exports to China fell, signaling that a firmer recovery is taking longer than expected.
Malaysia’s 2023 GDP growth lower than expected (Photo:theedgemalaysia.com)
KualaLumpur (VNA) ♋– Malaysia’s economy grewat a slower-than-estimated pace in the fourth quarter of 2023, asexports to China fell, signaling that a firmer recovery is taking longer thanexpected.
Grossdomestic product (GDP) grew 3.4% in the October-December period from a yearago, according Malaysia’s Department of Statistics (DOSM).
A slowdown in construction and stagnant manufacturing activityweighed on the economy, which grew 3.8% all of last year, below the centralbank’s estimate of about 4% expansion in 2023.
📖 Malaysia isgrappling with falling exports that have been dragged by China’s sputteringeconomy. Shipments of goods abroad fell 10% from a year earlier in Decemberwith sales to China, its largest trading partner, shrinking 1.5%.
Accordingto Malaysia's Ministry of Investment, Trade and Industry, the country's trade in 2023 exceeded 2 trillion MYR (nearly 424 billion USD) for the third consecutive year at 2.640 trillion MYR, but recordeda decrease of 7.3% compared to 2022. In2023, Malaysia's major trading partners included ASEAN, China, the US, the EU, and Japan. Among them, ASEAN remained an important trade partner, accountingfor 27.3% of the country's total trade in 2023, reaching 720.66 billion MYR.The top three export destinations in ASEAN were Singapore, Thailand, andVietnam, accounting for 78.5% of Malaysia's total export turnover to theregion. Chinahas been a major trading partner of Malaysia for 15 consecutive years since2009, accounting for 17.1% of total trade. It has also been Malaysia'slargest source of imports since 2011, accounting for a 21.3% share of totalimports by 2023. Malaysia's Ministry of Finance forecast that the SoutheastAsian country's trade will increase by 5% in 2024 while exports and imports areestimated to increase by 5.1% and 4.9%, respectively. In addition, 2024 will also witness importantpolitical changes, with major elections expected to take place in Malaysia'simportant trading partners, especially the US, the Republic of Korea, Indonesia, and India, which could have a significant impact on trade andinternational relations./.
Malaysian Prime Minister Anwar Ibrahim launched the “Artificial Intelligence (AI) Programme for the People” at the University of Putra Malaysia on January 16 to bridge the digital literacy gap among Malaysians.
Coordinating Minister for Economic Affairs Airlangga Hartarto and EAEU Trade Minister Andrey Slepnev jointly declared the conclusion of FTA talks on the sidelines of the 28th St. Petersburg International Economic Forum (SPIEF 2025), according to the statement.
The article stressed that throughout his revolutionary career, the founder of modern Vietnam consistently regarded the revolutionary press as a vital part of the Vietnamese Party’s and nation’s revolutionary struggle.
Pichai said the trade talks with the US are important and need to move forward professionally, without regard for any political changes in Thailand, believing that Thailand has clear principles, guidelines and procedures in place.
The tax adjustment supports the Malaysian Government’s strategy to reduce reliance on foreign food supply chains and to assist domestic farmers, a finance official has said.
The proposed venue is located in the Chatuchak area of Bangkok, featuring eight public sites, including Krungthep Aphiwat Central Terminal and several nearby parks.
Connectivity is expected to improve further with the completion of the fifth Laos–Thailand Friendship Bridge by the end of 2025, facilitating logistics and agricultural exports to Vietnam, Thailand, and China.
Two naval gunboats intercepted a fishing vessel carrying 1.5 tonnes of methamphetamine hydrochloride off the coast of the main island of Luzon just before dawn, in a joint operation with the Philippine Drug Enforcement Agency.
In the today context of socio-economic development and growth, the professionalism of Vietnam’s revolutionary journalists continues to rise, guided by exemplary mastery of new information technologies and the modernisation of their founding principles to preserve the enduring values of revolutionary journalism.
Thai Permanent Secretary of the Ministry of Commerce Vuttikrai Leewiraphan Thailand's formal proposal will be substantial enough for the US to consider further detailed negotiations. He hoped for a tariff rate not exceeding 10% and suggested that the US might extend the negotiation period if an agreement is not reached by the July 8 deadline.
Organised by the Ministry of Culture and the Association of Thai Silk & Culture Promotions, the event honors Her Majesty the Queen on her 47th birthday anniversary and promotes Thai craftsmanship on an international stage.
Prensa Latina's recent article on Vietnam’s assurance of smooth and effective transition to a leaner structure highlighted Prime Minister Pham Minh Chinh’s latest directions on implementing 28 resolutions regarding the decentralisation and delegation of authority.
The lab focuses on four key thematic areas: energy transition and green innovation, sustainable agriculture, circular economy and sustainable cities, and nature-based solutions and biodiversity.
The key content of the document titled "Accelerating Innovative Strategies: Addressing the OOSCY Challenges" will be refined further in a seminar preceding the 47th ASEAN Summit in Kuala Lumpur this October.
This follows Telegram’s serious failure to address the content that has been repeatedly reported to them, despite various efforts of negotiation and cooperation made by MCMC, it said.
Efforts to empower women must transcend dialogue and translate into concrete commitments, including corporate pledges and government partnerships, according to the spouse of Malaysian Prime Minister Anwar Ibrahim.
The forum featured two in-depth discussion sessions, engaging representatives from governments, think tanks, and businesses from both ASEAN and China, on how to forge closer ties for a common future.
The new FIFA Hub in Jakarta will not only support football development in Indonesia but also serve as a coordination centre for 21 football associations across Southeast and East Asia.
Minister Counselor Nguyen Hoang Nguyen reaffirmed Vietnam’s principled and consistent stance on the Palestine issue, calling for an immediate and lasting ceasefire across the entire Gaza Strip.
PM Anwar Ibrahim affirmed the determination of Malaysia, as ASEAN Chair for 2025, to utilise all viable regional mechanisms of the bloc and work with partners to de-escalate violence and restore a peace process led by Myanmar.
Malaysia’s 2023 GDP growth lower than expected (Photo:theedgemalaysia.com) 
