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Malaysia's annual GDP misses target at 3.7% amid weak exports

Central bank blames 'external environment' as Q4 growth slows to 3%

The sun rises above Kuala Lumpur on a hazy day in October 2023. Malaysia's gross domestic product growth missed the target amid weak exports.   © Reuters

KUALA LUMPUR -- Malaysia's economy grew 3.7% in 2023, the country's central bank said Friday, coming in below the target of 4% to 5% due to "prolonged weakness" of external demand.

The annual result was far off the 8.7% pace recorded for the previous year. In the fourth quarter, gross domestic product growth slowed to 3.0%, from 3.3% the previous quarter.

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