Page 28 - FDMASIA JanFeb 2024

26 FoCUs Jan/Feb 2024 FDM AsiA | www.fdmasia.com

TROPICAL TIMBER MARkET REPORT

Despite signs of recovery and growth in 2024, economic challenges remain and some countries
are trying to navigate through these diffculties by diversifying and strengthening their footprints
in different markets through innovations and certifcation. ITTO shares more about the latest
happenings in Asia.

MALAYSIA continuous steady consumer spending, busier tourism-related
Drivers of GDP growth in 2024 activities and investment in infrastructure.
Malaysia’s GDP growth is expected to improve to 4.7 percent in
2024 supported by a recovery in external trade and sustained Support for more investment in biomass sector
growth in domestic demand. The Plantation and Commodities Minister, Fadillah Yusof,
Positive job market conditions, income growth and recently launched the National Biomass Action Plan 2023-2030
continued recovery in the tourism sector would also support (NBAP2030) to support increased investments in the biomass
the economy. Infation is forecast to be above three percent industry aimed at creating around 3,000 jobs.
next year being moderated by fuel subsidies. The Action Plan was developed based on the National

A recovery in China and supportive global commodity Agro-commodity Policy (NAP) 2021-2030 and is aimed at
prices are expected to boost Malaysia’s export earnings in boosting the biomass sector.
2024. The domestic economy is expected to be anchored by The Action Plan also calls for establishing biomass hubs

Freepik