Analysis based on historical data shows a consistent growth in the share of Insurance and Financial Services in Malaysia's service exports, increasing from 1.82 units in 2013 to 4.09 units in 2023. This shift represents a year-on-year increase from 2022 to 2023 of roughly 9.66%. The forecasted data suggests an average annual growth rate (CAGR) of 1.23% over the next five years, resulting in a projected value of 4.42 units by 2028, translating to a forecasted five-year growth rate of 6.29%.
Future trends to watch for:
- Increased digital transformation in financial services.
- Enhanced regulatory frameworks to support sector growth.
- Potential market volatility impacting export values.