In 2023, the pace of economic growth in Malaysia is expected to slow.

Economists predicted Thursday that the Malaysian economy would stall in 2023 due to difficult external conditions and weakening domestic demand.

According to Xinhua News Agency, Maybank Investment Bank Research predicted in a report that Malaysia's full-year growth would slow to 4% in 2023 from an earlier projection of 8%. This slowdown would be caused by a reduction in domestic demand.

The consequences of rising inflation and interest rates on the cost of living and real disposable income are expected to dampen private consumption growth next year, according to the research firm.

It also predicts a slowing of the rate of increase in private consumption to match the reduced level of funding for government operations that is included in the Budget 2023.

It also noted that reduced expectations for global economic development would lead to falling exports and imports.

MIDF Research, on the other hand, predicts that Malaysia's GDP growth would decrease to 4.2% in 2023, mostly due to a slowdown in the country's export performance as a result of a slowdown in global demand.

For 2019, we predict a slowdown rather than a recession for the global economy. According to MIDF Research, "demand conditions in the United States and the European Union will decrease next year due to increased interest rates and elevated inflationary pressure."

The research firm predicts that Malaysia's real exports growth will decrease to 2.8% by 2022 from the 2022 growth prediction of 12.5%, with some of the support coming from an increase in the export of services in light of the increased optimism surrounding the country's tourism industry.

But in terms of merchandise trade, it is predicted that the average prices of crude palm oil (CPO) and Brent crude oil would remain elevated at 3,500 ringgit ($794) per tonne and $96 per barrel, respectively, for the upcoming year.

Consistently strong consumer spending, enhanced tourism-related activities, and a resurgence in infrastructure projects are all reasons for optimism for the Malaysian domestic economy, according to MIDF Research.

However, Affin Hwang Investment Bank has lately reduced its GDP projections for 2023 from 4.7 percent to 3.7 percent on the grounds that a slowdown in global development will have a detrimental effect on Malaysia's open economy.

While Malaysia will feel the effects of the global slowdown in GDP, the research firm's consensus is that a recession is highly improbable due to the country's strong labor market and the steady recovery of tourism-related industries.

It did, however, speculate that the cost of living in Malaysia could rise without a serious effort on the part of the government to shore up the country's finances and allay the fears of sovereign rating agencies.

Comments

Musk presents "Optimus" at Tesla's AI Day.

Tesla CEO Elon Musk unveils "Optimus" at "AI Day" on Friday. A robot-based business would be worth more than a car-based business, the billionaire said. He wants to move beyond self-driving cars, which he has repeatedly promised. Onstage, a robot model waved to the audience. In the automaker's factory, a video showed the robot moving metal bars and watering plants. "Our goal is to make a useful humanoid robot as soon as possible," Musk said. "Optimus needs a lot of work to be effective." Musk said humanoid robots "lack a brain" because they can't travel the world independently. He also said they're expensive and rare. Optimus would be mass-produced in the millions and cost less than $20,000, he said. Musk expected to discuss Tesla's self-driving car technology. In May, the CEO said the world's most valuable car company would be "worthless" without self-driving cars. The company faces regulatory and techno...

Hackers from North Korea are stealing NFTs using almost 500 different phishing domains.

The cybercriminals established dummy websites that posed as legitimate NFT marketplaces, NFT projects, and even a DeFi platform. There have been reports that hackers with ties to North Korea's Lazarus Group are behind a massive phishing campaign aimed at investors in nonfungible tokens (NFTs). This campaign is said to have used nearly 500 phishing domains to trick victims. SlowMist, a blockchain security company, published a report on December 24 revealing the strategies that North Korean Advanced Persistent Threat (APT) groups have used to separate NFT investors from their NFTs. These strategies include the use of decoy websites that are disguised as a variety of different NFT-related platforms and projects. Some examples of these fake websites include a website that pretends to be a project associated with the World Cup, as well as websites that impersonate well-known NFT marketplaces like OpenSea, X2Y2, and Rarible. Another example of one of these fake websites is a website th...

By 2030, the GCC economies are expected to receive $15 billion annually from the metaverse.

According to the most recent report from Strategy& Middle East, a member of the PwC network, the potential contribution of the metaverse to the GCC economies may be roughly US$15 billion yearly by 2030, of which $7.6 billion would be in Saudi Arabia and $3.3 billion in the UAE. The metaverse is still in its early stages, yet change is happening quickly. Companies in the GCC should move right away to take advantage of this chance. According to Tony G. Karam, Partner at Strategy & Middle East, by 2030, the metaverse will contribute $15 billion yearly to the economies of the GCC. The forecasts evaluated new metaverse applications like content production, commerce, and other activities as well as growth in the underlying platforms, hardware, and software. The metaverse's charm lies in the fact that it is neither a location nor a tool. Instead, it represents the most recent development in human/computer interface technology, one that aims to produce a seamless, pervasive, immers...

Meta Financies

Search This Blog