KUALA LUMPUR, March 24 -- Bank Negara Malaysia (BNM) says Malaysia's economy is primarily driven by domestic factors, despite the escalating US tariffs impacting global growth.

It stated that it is taking a cautious stance on global tensions and acknowledged that restrictive trade policies and geopolitical uncertainties pose risks to Malaysia's economic outlook.

Speaking at the launch of BNM's Economic and Monetary Review 2024, BNM governor Datuk Seri Abdul Rasheed Ghaffour stressed that Malaysia's policy decisions, including rate adjustments, would be based on domestic considerations rather than external monetary shifts.

"We've identified key downside risks that could derail growth including more restrictive trade policies and stronge...