Malaysia
Malaysia's economy grew 5.1% in 2024 from 3.6% in 2023, driven by continued expansion in domestic demand and a rebound in exports.
On the domestic front, growth was mainly driven by stronger household spending reflecting favorable labor market conditions, policy measures to support households, and healthy household balance sheets.
Strong investment approvals and further progress of multi-year projects by the private and public sectors, which includes catalytic initiatives under national master plans (i.e., New Industrial Master Plan, National Energy Transition Roadmap, and National Semiconductor Strategy) provided further impetus to investment growth.
On the external front, exports recovered amid steady global growth, continued tech upcycle as well as higher tourist arrivals and spending. This provided support to the current account, leading to a continued surplus of 1.7% of GDP in 2024 (1.5% in 2023).
In Malaysia, BIMP-EAGA covers the states of Sabah and Sarawak and the federal territory of Labuan.
Sarawak and Sabah are part of the West Borneo Economic Corridor (WBEC), which also includes Brunei Darussalam and West Kalimantan in Indonesia.
Sabah is part of the Greater Sulu–Sulawesi Corridor (GSSC), which also includes North Sulawesi in Indonesia, and Mindanao and Palawan in the Philippines.
BIMP-EAGA Officials and Contacts in Malaysia
BIMP-EAGA Signing Minister
H.E. Rafizi bin Ramli
Minister of Economy
Senior Official
Dato’ Nor Azmie bin Diron
Secretary General
Ministry of Economy
National Secretariat
Dr Mohd Shaharin bin Umar
Director, Regional Development Division
Ministry of Economy
Mr. Paarteeben A/L Subramaniam
Deputy Director II
Regional Development Division
Ministry of Economy
Ms. Siti Noorliza binti Md. Salleh
Principal Assistant Director
Regional Development Division
Ministry of Economy
Mr. Jaymeer Singh A/L Kashimar Singh
Assistant Director
Regional Development Division
Ministry of Economy
Ms. Nur Najihah binti Zainor
Administrative Officer
Regional Development Division
Ministry of Economy
Ms. Nur Diana Fitrah Binti Rahmat
Administrative Officer
Regional Development Division
Ministry of Economy