The Malaysian economy continues to confound our and consensus expectations. We've raised our 2024 growth forecast by 1.1ppts to 5.6% given healthy Q3 GDP data, but we expect a slowdown to 4.3% in 2025 as the low base from a year ago drops out of the comparison. Upside risks to inflation from Q2 suggests no change to monetary policy in 2025, despite the loss of momentum.
Malaysia: Growth continues to confound, but momentum set to fade