Malaysia
Despite a challenging external environment, Malaysia’s economy grew by 3% in the fourth quarter of 2023, supported by resilient domestic demand that rose by 5.2% in Q4 2023 . This helped cushion the 3.2% decline in trade, as exports softened on the back of cooling global demand.
Overall, economic growth normalized to 3.7% in 2023, following the strong 8.7% growth registered in the previous year. The full-year growth for 2023 is slightly lower than the Belanjawan 2024 forecast of approximately 4%.
After mapping out the strategy for Malaysia’s new economic growth through the Ekonomi MADANI framework in 2023, the government will accelerate its implementation in 2024 to ignite new economic growth and deliver social reform and justice. The framework underscores the importance of reforming Malaysia’s economy to not only address systemic, historical challenges but also focus on new areas of sustainable growth and resilience.
Meanwhile, strategies and measures under the National Energy Transition Roadmap, New Industrial Master Plan 2030 and Mid-Term Review of the Twelfth Malaysia Plan aim to propel quality investments in high-value-added industries, especially in the energy transition, digital and high-technology industries, ultimately creating more high-income job opportunities for the rakyat.
In Malaysia, BIMP-EAGA covers the states of Sabah and Sarawak and the federal territory of Labuan.
Sarawak and Sabah are part of the West Borneo Economic Corridor (WBEC), which also includes Brunei Darussalam and West Kalimantan in Indonesia.
Sabah is part of the Greater Sulu–Sulawesi Corridor (GSSC), which also includes North Sulawesi in Indonesia, and Mindanao and Palawan in the Philippines.
BIMP-EAGA Officials and Contacts in Malaysia
BIMP-EAGA Signing Minister
H.E. Rafizi bin Ramli
Minister of Economy
Senior Official
Dato’ Nor Azmie bin Diron
Secretary General
Ministry of Economy
National Secretariat
Dr Mohd Shaharin bin Umar
Director, Regional Development Division
Ministry of Economy
Mr. Paarteeben A/L Subramaniam
Deputy Director II
Regional Development Division
Ministry of Economy
Ms. Siti Noorliza binti Md. Salleh
Principal Assistant Director
Regional Development Division
Ministry of Economy
Mr. Jaymeer Singh A/L Kashimar Singh
Assistant Director
Regional Development Division
Ministry of Economy
Ms. Nur Najihah binti Zainor
Administrative Officer
Regional Development Division
Ministry of Economy
Ms. Nur Diana Fitrah Binti Rahmat
Administrative Officer
Regional Development Division
Ministry of Economy