In 2023, Malaysia's economy will slow.

The Malaysian economy will decelerate in 2023 due to external and local challenges, experts predicted Thursday.

Maybank Investment Bank Research anticipates Malaysia's full-year growth to decrease to 4% in 2023 from 8% in 2022, citing reduction in domestic demand.

The research company predicts slower private consumption growth next year as pent-up spending from full economic reopening evaporates and rising inflation and interest rates affect cost of living and disposable income.

It also predicts slower public consumption growth in keeping with Budget 2023's decreased operational budget allocation.

Slower global economic growth is causing exports and imports to fall, it said.

MIDF Research predicts Malaysia's GDP growth would drop to 4.2% in 2023 due to reduced global demand and external trade.

We expect a slowdown, not a recession, next year. Higher interest rates and inflationary pressure will affect U.S. and EU demand next year, MIDF Research predicted.

According to the research company, Malaysia's real exports growth is forecast to drop to 2.8% from 12.5% in 2022, underpinned by rising services exports due to solid tourism activity.

On the trade of products, it predicts Malaysia would continue to benefit from commodity exports, especially palm oil, petroleum, and LNG, since the average prices of crude palm oil (CPO) and Brent crude oil are expected to be elevated at $794 per tonne and $96 per barrel for next year.

MIDF Research expects consumer spending, tourism, and infrastructure projects to underpin Malaysia's domestic economy.

Malaysia's open economy will be badly impacted by global growth deceleration, according to Affin Hwang Investment Bank, which recently cut its 2023 GDP predictions to 3.7% from 4.7%.

While a global growth slowing would effect Malaysia, a recession is unlikely due to its solid labor market and rapid recovery in tourism-related industries.

It said Malaysia's cost of living may rise if the government doesn't better its fiscal situation and satisfy sovereign rating agencies' worries.

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