KUALA LUMPUR – JP Morgan is optimistic that Malaysia will be able to meet the annual gross domestic product (GDP) growth of 7.7% in 2022, which is likely to be one of the highest in the region.
According to JP Morgan Malaysia chief executive officer Wong Hooi Ching, the country’s economy is resilient with a strong banking system, supportive government, and prudent corporate citizens.
“We are also bullish and optimistic on the electrical and electronic industry as Malaysia is currently supplying 10% of the semiconductor components globally,” she said at the “Invest Malaysia 2022 Series 1: Building Resilience Amidst Volatility” event here today.
Wong said Malaysia has also managed to attract the highest foreign direct investment in the last six years, totalling US$1.9 billion (RM8.6 billion) into the country as at August 2022.
She also said that Malaysia has a vast talent pool and as the economy transforms, JP Morgan plans to continue innovating, engaging, and supporting the next generation of leaders.
On Monday, Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said Malaysia’s economic growth may surpass the official estimates of between 5.3% and 6.3% in 2022.
He attributed this to the country’s rapid growth in the second quarter at 8.9% and expected improved performance in the third quarter.
He said Malaysia is likely to chart even stronger growth in the third quarter despite facing a weaker global economy as well as the rising US dollar.
The new number forecast will be announced during the tabling of Budget 2023 on October 7. – Bernama, September 14, 2022
