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Economy

Malaysia's central bank projects 4%-5% GDP growth in 2024

IT and semiconductor investments expected to boost Southeast Asian economy

A view of Kuala Lumpur. Malaysia's central bank expects the country's economy to grow 4% to 5% this year. (Photo by Hiroki Endo)

KUALA LUMPUR -- Malaysia's economy is expected to grow faster at 4% to 5% this year, driven by improved investment and external demand, according to the country's central bank.

The country posted 3.7% gross domestic product growth last year, down from 8.7% the previous year due to weak external demand resulting from China's economic slump and U.S. monetary policy tightening.

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