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Johor is expected to become Malaysia’s next growth engine, thanks to the Johor-Singapore Special Economic Zone (JS-SEZ) and Forest City Financial Zone (SFZ).
(TMR) – RHB Investment Bank said government-led catalytic development and foreign investments are expected to boost growth in various sectors.
These include construction, data centers, energy, petrochemicals, industry, and tourism. This is also expected to have a positive impact on the real estate market.
“We believe that Johor’s economic growth will continue to outpace the national average, supported by its strong manufacturing sector, sustainable services sector strength, strategic location and well-developed infrastructure, as well as supportive policies from both the state and federal governments.
“Johor has a well-developed infrastructure, including ports, airports, road networks and utilities, and has competitive business operating costs,” the bank said in a market research report on investing in Johor.
The state is currently the third largest economic contributor in Malaysia, after Selangor and Kuala Lumpur.
It is also the second largest contributor to the country’s trade, contributing 9.5% to the country’s gross domestic product (GDP). In 2023, Johor contributed 29% or RM753.1 billion to the country’s total trade.
RHB Investment said Johor’s GDP growth rate will be 4.1% higher than Malaysia’s in 2023, mainly driven by the services and manufacturing sectors, which together account for 84% of Johor’s GDP.
“Over the past five years, Johor’s services sector has been the fastest growing among all states in Malaysia.
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