Quickening Malaysia growth supports central bank’s rate-hike move

The Bank Negara Malaysia headquarters in Kuala Lumpur,. Malaysia’s economy grew at a faster-than-expected pace in the first quarter of the year. (Bloomberg photo)

Malaysia’s economy grew at a faster-than-expected pace in the first quarter of the year, vindicating the central bank’s hawkish pivot to fight inflationary pressures.

Gross domestic product expanded 5% in the January-March period from a year ago, according to Bank Negara Malaysia (BNM). That’s faster than the median estimate for a 4% growth seen in a Bloomberg survey.