Kuala Lumpur (VNA), Feb. 16 -- Bank Negara Malaysia (BNM) has said that the country's economic growth in 2023 normalised to 3.7%, below the 4-5% target due to "prolonged weakness" in external demand.

According to the central bank, in the third quarter of 2023, gross domestic product (GDP) expanded 3.3% as buoyant domestic spending offset weak external demand. Malaysia's exports , which have been in decline since March, contracted 8% in 2023.

Malaysia's full-year economic growth was expected to come in at 3.8% in 2023, below the government's projection of a 4% expansion and a sharp drop from a 22-year high of 8.7% in 2022.

Analysts said Malaysia's growth outlook was anticipated to remain cloudy in coming months, flagging risks including...