The World Bank expects Malaysia’s gross domestic product (GDP) to record a 4.5 per cent growth next year and 2017, a revision based on the country’s improved trade data.
World Bank Group, South-East Asia, Regional Director, Dr Ulrich Zachau, said the revision from 4.2 per cent made earlier was in response to new data received that showed an improvement in Malaysia’s overall export performance recently, particularly in the electrical and electronics sector.
“Based on the data available, we now forecast a 4.5 per cent growth next year. This is still a robust strong growth performance if we consider the global growth environment that is not favourable”.
“As the data comes out, we continually adapt and adjust. There is a possibility if the data comes out again even stronger, it would be adjusted further,” he told reporters after the launch of the World Bank’s Malaysia Economic Monitor report here today.
The report projected Malaysia’s economic growth to remain at 4.7 per cent in 2015, and ease to 4.5 per cent in 2016, an outlook that reflected a slowdown in domestic demand in the course of 2015 from tighter fiscal conditions, which were expected to continue in 2016-2017.