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Malaysia's economy grew at its fastest pace in two years during the first quarter, the central bank said today, boosted by stronger domestic demand and a pick-up in exports.
Southeast Asia's third-biggest economy expanded 5.6 percent on-year in January-March period, compared with 4.1 percent in the same period last year and 4.5 percent in October-December.
Bank Negara said growth would be sustained this year as the global economy showed signs of improvement, while domestic demand remained healthy.
"The economy is on track to register higher growth in 2017," Bank Negara said via a statement.
"Domestic demand is projected to continue to expand. Exports are expected to benefit from the improvement in global growth."
The figures come after export-reliant Malaysia recovers from years of falling oil prices and weak overseas demand.
The economy is forecast to grow 4.3-4.8 percent this year but Bank Negara said in March that rising protectionism remains a risk.
Growth hit 4.2 per cent last year, slowing from 5.0 per cent in 2015 and 6.0 per cent in 2014.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)