Malaysia grew at the quickest pace in more than two decades in 2022, as pent-up demand helped the nation take the mantle of the fastest-growing economy in Asia even if the title is likely to be shortlived.
Gross domestic product rose 8.7% last year, the highest level since 2000, data from Bank Negara Malaysia and the Department of Statistics showed. That compares with the median estimate of 8.6% year-on-year growth in a Bloomberg survey, and aligns with official expectations.
In the October-December period, the economy notched up a better-than-expected 7% expansion from a year ago, helped by domestic demand. On a sequential basis, however, data showed the economy contracted 2.6% from the quarter ended September — a performance that authorities attributed to waning support from stimulus measures.