Kenanga Investment Bank Bhd expects the government to project a higher gross domestic product growth target in 2024, potentially between 5% and 5.5%.
As such, the research house forecasts 2024’s GDP growth at 4.9%, barring any unforeseen shocks amidst rising concerns of a global economic slowdown due to the impact of a higher interest rate environment. “However, we remain conservative, targeting between 4.5% and 5% amid a challenging global economic outlook in 2024,” it said.
In addition, the research house said the New Central Database Hub will be introduced to eliminate blanket subsidies, especially on subsidised RON95 and diesel, as well as to increase social assistance packages.
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