HLIB Research maintained its 2026 GDP growth forecast at 4.5%, citing healthy investment momentum and improving tourism. Meanwhile, CIMB Research sees the advance 4Q25 GDP estimates as lifting annual growth to 4.9%. As such the brokerage revised its 2026 GDP growth projection to 4.4%, citing strength in services and construction, balanced by moderation in manufacturing. Maybank Investment Bank Research (Maybank IB) noted that the strong advance GDP estimate for 4Q25 was in line with its high-frequency monthly indicators. “That implies a smaller/negative contribution of net external demand to GDP growth,” it pointed out.
