Malaysia’s economic growth has been impressive in the current context of the turmoil in global markets, said MIDF Amanah Investment Bank Bhd Head of Research Zulkifli Hamzah.
He said although prices of commodities, such as oil, have tumbled, Malaysia has succeeded in generating growth, creating job opportunities and improving the standard of living.
“The devaluation of the Ringgit, although viewed negatively by the people, has benefited the export-oriented industries, especially the resource-based ones.
“The most important thing now is to retain our growth momentum. Despite the challenges Malaysia has been facing, its growth momentum last year was better than Singapore’s,” he told Bernama here, Tuesday.
Zulkifli was commenting on a Bloomberg report yesterday which forecast a Gross Domestic Product (GDP) growth of 4.5 per cent for Malaysia in 2016.
Malaysia’s GDP growth this year is expected to be the 13th highest in the world, and it has a 10 per cent chance of recession, according to Bloomberg.
Moody’s Investors Service, meanwhile, has affirmed the Government of Malaysia’s issuer and senior unsecured bond ratings at A3 and changed the outlook to stable from