From left: BNM deputy governors Adnan Zaylani Mohamad Zahid and Jessica Chew, Abdul Rasheed and deputy governor Marzunisham Omar displaying Bank Negara’s reports.
“The economy is set to improve. We expect the continued expansion in domestic demand and the recovery in exports to support economic growth this year,” he told reporters when releasing BNM’s 2023 annual report today. He added that BNM’s monetary policy will continue to be forward-looking with a focus on the trajectory of growth and inflation.
“The manufacturing sector is expected to grow at a stronger base, this will be driven by expansion in the electrical and electronics cluster amid the global tech cycle rebound and improvement in regional economies will also benefit the non-E&E exports.However, Abdul Rasheed said, the agriculture sector is expected to register a small contraction, due to the impact from the El Nino weather phenomenon and the previous years underfertilisation of the nation’s crops.