Anwar lauds Malaysia's economic numbers as domestic equity market cap hits record-breaking RM2t

PUTRAJAYA, July 9 — Malaysia has hit record numbers in its domestic equity market capitalisation of RM2 trillion for the first time in history, Prime Minister Datuk Seri Anwar Ibrahim said today.

In addition, the finance minister said the country’s sovereign credit were also sitting at a respectable “stable” ratings of A- and BBB+ with S&P Global Ratings and Fitch Ratings.

“Our gross domestic product (GDP) rose to 4.2 per cent in the first quarter of 2024 compared to the fourth quarter of 2023 when it was three per cent. This is a very positive development. Then our recovery of exported goods rose by 5.2 per cent as well,” he said.

“Coupled with our FBM-KLCI rating which exceeded 1,600 points, we’ve now reached RM2 trillion for our domestic equity market,” Anwar said today during the Budget 2025 engagement session at the Finance Ministry here.

Anwar, who is also minister of finance, revealed that Malaysia’s approved direct investment has surged by 23 per cent since 2022.

“We have reached a record high in approved direct investments for 2023, totalling RM329.5 billion for both domestic and foreign investments. This reflects a substantial 23 per cent increase from 2022,” he stated.

Anwar chaired a budget engagement session involving various ministries and departments at the Ministry of Finance (MOF).

Earlier in the day, he reiterated Malaysia’s potential participation in prominent international organisations such as the Brics intergovernmental organisation, the Asia-Pacific Economic Cooperation (Apec) bloc, and other regional collaborations like the Asian Pacific (APAC) and the Organisation for Economic Cooperation and Development (OECD) to establish a global presence.

“All these efforts are aimed at providing the best opportunities for everyone involved, including entrepreneurs, manufacturers, and investors, both locally and internationally,” he added.

Anwar earlier today sought to allay fears over Malaysia joining the Brics intergovernmental organisation, saying it would not affect domestic politics.

Speaking in the Dewan Rakyat, Anwar said the application process to join the bloc may take some time, but Malaysia will likely be admitted as a “partner country” soon.