The Bank Negara Malaysia headquarters in Kuala Lumpur,. Malaysia’s economy grew at a faster-than-expected pace in the first quarter of the year. (Bloomberg photo)
Malaysia’s economy grew at a faster-than-expected pace in the first quarter of the year, vindicating the central bank’s hawkish pivot to fight inflationary pressures.
Gross domestic product expanded 5% in the January-March period from a year ago, according to Bank Negara Malaysia (BNM). That’s faster than the median estimate for a 4% growth seen in a Bloomberg survey.
Growth was driven by local demand and a recovery in jobs, the central bank said. The bank’s Monetary Policy Committee (MPC) unexpectedly raised borrowing costs this week to fend off price…
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