Setting the stage
It's a great pleasure to be with you in New York City today. I had the opportunity to join the Prime Minister in meeting captains of industries this morning and I am delighted to hear the strong interest to invest in Malaysia.
This afternoon, I would like to share where the Malaysian economy is heading, both in the short-term as well as the longer term.
Malaysia is a prolific structural reformer backed by economic diversity and sound policy mix
As a small open economy, Malaysia has adeptly navigated the ever-evolving global economic landscape. We have maintained a strong commitment to progressive reforms by embarking on a transformational journey to enhance adaptability, resilience, and our growth potential. Our track record for the past 60 years is a testament to this.
This ongoing journey is our commitment to investors seeking stability and lasting partnerships, which has enabled foreign investors to earn attractive double-digit returns in Malaysia.
Let me share some figures. The returns on foreign direct investments between 2021 and 2022 averages 14.0% compared to the average return of 12.5% between 2011 and 2019. Similarly, the domestic bond market recorded steady inflows from foreign investors amounting to USD5.5 billion in 2023 compared to the total 3 years inflow at USD10.5 billion between 2020 and 2022.
Over the last decade, Malaysia's long-term real GDP growth from 2011 to 2022 averaged 4.4%, higher than the average for both ASEAN and A-rated countries at 3.0% and 2.9% respectively. Much of this is owed to its diversified economic structure that consistently delivers resilient growth performance. Allow me to explain a bit on this.