Malaysia central bank reiterates economic resilience

KUALA LUMPUR, Oct 3 (KUNA) -- The Malaysian economy remains resilient and will continue to be supportive moving into 2024, anchored by domestic activities, said Malaysia's Central Bank Governor Abdul Rasheed Ghaffour on Tuesday.

Ghaffour made the remark in his speech at the 13th International Conference on Financial Crime and Terrorism Financing (IFCTF) themed: "Trust Reinvented: Building a Sustainable Culture of Integrity, Transparency and Accountability".
He said labor market conditions, particularly employment and wages, had continued to improve, supporting households' ability to spend.
"Meanwhile, investments by the private and public sectors remain forthcoming, and these factors will continue to support the economy in 2024" he said, adding that the economy would also benefit from a gradual recovery in the tech cycle, and a rebound in external demand.
The governor noted that Malaysia, fortunately, does not face a severe inflation challenge such as in other economies, and core inflation continued to ease to 2.5 percent in August this year, in line with the lower global commodity prices and improving supply and demand conditions.
"We expect inflation to continue to trend lower, in line with slowing momentum of price increases. We will continue to monitor potential risks to the outlook, arising mainly from changes to domestic policy on fuel subsidies," Ghaffour added.
Held on 2-4 October at the Kuala Lumpur Convention Centre, the 13th International Conference on Financial Crime and Terrorism Financing (IFCTF) featured insightful discussions and lively debates covering the complexities of financial crime today, the use of latest technologies transforming the landscape, and key aspects of integrity, transparency, and accountability. (end) aab.mt.