The World Bank Group has upgraded Malaysia’s economic growth forecast for 2024 to 4.9%, up from an initial 4.3% projected in April. Apurva Sanghi, the World Bank’s lead economist for Malaysia, attributed the revision to both domestic and external factors, noting that the global economy is performing better than expected six months ago. On the domestic front, positive economic momentum, increased political stability, and a conducive policy environment boosting investments have contributed to the higher forecast. Despite ongoing geopolitical tensions and high interest rates, global growth is expected to stabilize at around 2.6% this year, with receding inflation spurring growth appetite, especially in advanced economies. Sanghi highlighted positive trends in consumer confidence, manufacturing, and services.