The share of insurance and financial services in Malaysia's service imports has experienced fluctuations since 2013, noticeable declines until a sharp rise in 2020 to 8.51 units. As of 2023, it stood at 7.72 units. There was a year-on-year decrease of 10.47% to 7.52 units in 2022, yet a rise to 7.72 units in 2023, reflecting a 2.66% increase. The forecasted CAGR from 2024 to 2028 is 1.54%, with a 5-year growth rate of 7.92%, culminating at 8.51 units in 2028.
Future trends to watch for:
- Market stability post-2023 due to gradual recovery trends.
- Potential economic reforms influencing insurance and financial service imports.
- Global economic conditions and their impact on service import dependencies.