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Malaysia GDP up 5.6% in Q1, topping forecasts as inflation settles

Domestic demand powering growth amid global headwinds, central bank says

Muslims shop for food to break their fast at a bazaar during Ramadan in Kuala Lumpur on April 15.   © Reuters

KUALA LUMPUR -- Malaysia's economy grew 5.6% on the year in the January-March quarter of 2023, outperforming economists' expectations.

Before Friday's announcement by Bank Negara Malaysia (BNM), a median forecast of 21 economists polled by Reuters had pointed to growth of 4.8%, down from a revised 7.1% in the fourth quarter of 2022.

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