Malaysia has showcased commendable economic resilience, achieving a gross domestic product (GDP) growth of 3.6 per cent in 2023, according to the Statistics Department.
The department noted this achievement amid global economic challenges, including geopolitical tensions impacting global markets, living costs, and commodity prices.
"The services sector notably contributed to the growth with a robust performance of 5.1 per cent, counterbalancing the manufacturing sector's modest growth of 0.7 per cent due to global economic challenges, including supply chain disruptions and fluctuating commodity prices," said chief statistician Datuk Seri Mohd Uzir Mahidin.
Malaysia saw a significant influx of tourist arrivals in 2023, indicating substantial recovery. The number of tourists increased to 20.1 million, compared to 10.1 million in 2022 when Covid-19 travel restrictions were more stringent. Domestic tourism also improved, recording 213.7 million visitors, a 24.6 per cent increase from 2022's 171.6 million visitors.
Uzir stated that Malaysia continues to position itself as a resilient and attractive destination for global investors, buoyed by robust investment performance. The Malaysian Investment Development Authority reported that Malaysia secured approved investments of RM329.5 billion in 2023, a 23 per cent increase from the previous year's RM267.8 billion.
Despite global economic challenges, Malaysia's trade surpassed RM2 trillion for the third consecutive year, reaching RM2.64 trillion in 2023, with a trade surplus of RM214.1 billion. Selangor, Penang, and Johor remain Malaysia's top exporting states, contributing 17.7 per cent, 31.4 per cent, and 20.3 per cent, respectively, to national exports.
Inflation in Malaysia eased to 2.5 per cent in 2023 from 3.3 per cent in 2022, thanks to the decline in most global commodity prices, easing of supply disruptions, price controls, and the provision of subsidies for selected goods.
Malaysia's population in 2023 is estimated at 33.4 million, a 2.1 per cent increase from 32.7 million in 2022. Five states — Selangor, Johor, Sabah, Perak, and Sarawak — registered a total population of 19.9 million, contributing 59.8 per cent to the total population.
The Labour Force Participation Rate increased by 0.8 percentage points to 70 per cent in 2023, up from 69.3 per cent in 2022, with increases observed across all states.