World Bank revises Malaysia’s GDP growth this year to 5.7%

The World Bank has revised Malaysia’s economic growth this year to 5.7% from the earlier forecast of 5.4%

In its latest economic outlook, the bank attributed the revision to the rise in exports driven by global recovery. Malaysia’s export is expected to increase further this year and next, supported by higher energy commodity and petrochemical production as well as the continued rise in demand in the electrical and electronics sector.

Noting the country’s tighter fiscal and monetary conditions including the subsidy rationalisation initiative and the pending implementation of the goods and services tax next year, which are expected to impede domestic consumption growth, the bank has projected a lower gross domestic product (GDP) growth of 4.9% next year and 5.0% in 2016.

Source: NST Business Times 6 Oct 2014

Posted on : 06 October 2014
Last Updated : Tuesday 7th April 2020