THE growth rate of 5.1% in Malaysia's gross domestic product (GDP) in 2024, exceeds both the government's initial forecast and independent analysts' expectations, signals the early success of economic reforms, said the Prime Minister's Office (PMO).
Prime Minister Datuk Seri Anwar Ibrahim's Senior Press Secretary Tunku Nashrul Abaidah explained that this growth, underpinned by the highest level of domestic investments in a decade, reflects investor confidence in Malaysia’s evolving policy direction.
He shared this insight during the Prime Minister’s daily briefing, which was streamed live on Anwar Ibrahim’s and PMO Malaysia’s official Facebook today.
Bank Negara Malaysia's Economic and Monetary Review for 2024, released yesterday, revealed that the country's economy grew by a robust 5.1% in 2024, compared to 3.6% in 2023.
Tunku Nashrul also highlighted Malaysia’s capital market, which reached a record RM4.2 trillion, marking an increase of nearly 11% from the previous year. “It’s not just a number, but a positive sign that our economic fundamentals are strengthening,” he remarked.
According to the Securities Commission (SC) 2024 annual report, strong investor interest in the local stock market, alongside a surge in initial public offerings (IPOs) and growth in the cumulative bond and sukuk markets, contributed to the rise in Malaysia's capital market size, which grew from RM3.8 trillion in 2023 to RM4.2 trillion in 2024.
However, Tunku Nashrul also conveyed that Anwar acknowledges that challenges remain.
"The country's productivity must improve, competitiveness must be strengthened, and economic resilience must be rebuilt based on humane principles and good governance," he said.
He further emphasised that Anwar remains committed to addressing issues of corruption and inefficiency, stressing that such challenges hinder national development.
"We cannot compromise on leakages and corruption that harm the country and obstruct progress," he added.
The Senior Press Secretary also reiterated that Anwar views the MADANI Economic framework, introduced on 27 July 2023, not merely as a policy but as a collective effort to create a just, sustainable, and inclusive economy.
This, he said, ensures that the benefits of economic growth are shared by all Malaysians, not just the elite or upper classes.
Separately, Anwar Ibrahim has directed relevant agencies to provide immediate assistance in the post-flood recovery efforts, particularly focusing on helping affected families clean their homes ahead of Hari Raya Aidilfitri.
Tunku Nashrul explained that as the flood situation in Johor and Sabah improves, Anwar is urging all parties, including non-governmental organisations (NGOs) and the private sector, to collaborate in alleviating the burden faced by flood victims.
“This disaster has caused significant damage to properties and assets and has even disrupted preparations for Aidilfitri,” Tunku Nashrul said.
Meanwhle, Anwar has instructed the Ministry of Domestic Trade and Cost of Living (KPDN) to ensure the effective implementation of the Festive Season Maximum Price Scheme (SHMMP) during Aidilfitri.
The scheme, which runs from 24 March to 7 April, is designed to protect consumers and create a fair balance between buyers and traders.
The price determination under SHMMP was made after consulting the Ministry of Agriculture and Food Security (KPKM), other relevant government agencies, and industry stakeholders.
Tunku Nashrul also mentioned that the Prime Minister himself will conduct on-the-ground visits to inspect the prices of controlled items under the scheme and ensure proper enforcement, including price labelling, so consumers can benefit from fair prices during the festive period.
Furthermore, Tunku Nashrul noted that Anwar has instructed KPDN to continue working closely with KPKM to ensure the sufficient supply of essential goods and strengthen enforcement efforts during the period leading up to Aidilfitri.
Consumers are also encouraged to report any pricing issues or concerns to KPDN throughout the festive season, he added. – March 25, 2025
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