KUALA LUMPUR (June 12): CGS-CIMB has raised its 2023 growth forecast for Malaysia's gross domestic product (GDP) to 4.6% year-on-year (y-o-y) from 4.4% previously following strong first quarter of 2023 (1Q2023) numbers as well as projected resilient domestic demand. Additionally, it said tourism-related sectors and improvement in the labour market will continue help drive the economy, which grew 5.6% y-o-y in 1Q2023. In a research note on Monday (June 12), CGS-CIMB economist Nazmi Idrus said: 'We now expect private consumption growth to expand slightly higher in 2023 by 6.

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