KUALA LUMPUR (Nov 20): TA Securities Research has projected a more robust Gross Domestic Product (GDP) growth trajectory of 5.0% in 2024, driven by the expectation of a sustained global economic recovery, particularly in China. The research house’s optimistic outlook was fueled by Malaysia’s real GDP increasing by 3.3% year-on-year (y-o-y) in the third quarter of 2023, which came above its revised expectations during the GDP preview and the median forecast of analysts polled by Bloomberg.
TA Securities said that the Malaysian government’s unwavering commitment to pro-growth initiatives is expected to persist, further supported by increased political stability. This has the potential to bolster confidence among foreign investors and potentially result in a greater influx of capital and portfolio investments.
At present, TA Securities maintains its 4.6% y-o-y growth projection for the fourth quarter, aligning with an updated annual growth target of 4.0%. In its earlier GDP preview report, TA Securities had anticipated the possibility of growth dipping below 4.0%, citing a weaker third-quarter growth but it outperformed. Nevertheless, TA Securities remains vigilant and open to adjustments, which will be made periodically especially in response to any significant setbacks in Malaysia’s economic trajectory.