KUALA LUMPUR, March 31 ― Malaysia's economy is projected to grow at a more moderate pace of 4.3 per cent in 2023 supported by domestic demand amid an expected slowdown in...
KUALA LUMPUR, March 31 ― Malaysia's economy is projected to grow at a more moderate pace of 4.3 per cent in 2023 supported by domestic demand amid an expected slowdown in external demand, while private consumption growth is forecast to remain robust, albeit at a slower rate at 6.3 per cent in 2023 versus 11.3 per cent in 2022, said the World Bank Group.
“Meanwhile, inflation is projected to moderate to between 2.5 per cent and 3.0 per cent in 2023 as global supply constraints ease and commodity prices stabilise. The World Bank also elaborated that on the domestic front, the main sources of downside risk relate to the uncertainty surrounding inflation and relatively high debt levels, which could weigh more heavily on domestic demand.
The World Bank also emphasised that the challenges faced by Malaysia include the further narrowing of the fiscal space, as rigid expenditures in salaries, pensions, and interest payments continue to increase and concurrently, the country's revenue remains on a declining trend.
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