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Malaysia could reach high-income status by 2028, World Bank says

Southeast Asian economy on track to reach milestone within four years after 2024 growth forecast raised to 4.9 percent.

Malaysia could reach high-income nation status as early as 2028 amid better-than-expected economic growth and a strengthening currency, a top World Bank economist has said.

Malaysia is on track to hit the milestone after the Washington, DC-based lender raised the country’s 2024 growth forecast from 4.3 percent to 4.9 percent, Apurva Sanghi, lead economist for Malaysia, said on Thursday.

Higher growth is translating to better living standards, which, paired with a stronger ringgit, have put higher-income status “within reach”, Apurva said.

Malaysia’s economy is 12 percent larger than before the COVID-19 pandemic, putting it ahead of every Southeast Asian country apart from Singapore, Apurva added.