December 22, 2021
1 min read

Malaysia economy projected to expand 5.8 percent in 2022

The Malaysian economy is projected to expand by 5.8 per cent in 2022, as domestic and external demand recovers, the World Bank said in a report on Tuesday…reports Asian Lite News

The growth is mainly driven by acceleration in private consumption, which is expected to grow at 7.2 per cent in 2022, according to the latest edition of the World Bank Malaysia Economic Monitor titled “Staying Afloat” launched on Tuesday.

Malaysia economy projected to expand 5.8 percent in 2022

Exports are projected to continue to expand, albeit at a slower pace of 4.5 per cent, in line with the expected moderation in global trade growth, reports Xinhua news agency.

Growth is anticipated to be broad-based, with recovery across all economic sectors, said the World Bank.

The forecast for the year ahead follows growth estimates of 3.3 per cent in 2021, which remains clouded by several downside risks, including new Covid-19 outbreaks and weaker-than-expected global and regional growth.

The World Bank also foresees the Malaysian economy to grow at 4.5 per cent in 2023.

The World Bank noted that a resurgence of the pandemic, including through the emergence of new variants, could dampen economic recovery globally and domestically.

ALSO READ: ‘Indian economy not immune to global spillovers’

It said that ongoing disruptions to global value chains could also have a negative impact on Malaysia’s trade and manufacturing activities in the near term.

Given Malaysia’s deep integration with international financial markets, it said a more rapid than expected monetary tightening could have negative spillovers in the domestic financial market.

Increased vulnerability among affected households and businesses could also constrain growth, it added.

Previous Story

Putin warns tit for tat against aggressive West policy

Next Story

Australia imposes restrictions on indigenous communities to protect from Covid

Latest from Economy

Pakistan on the Brink: War, Weakness, Woes

The reason behind growing anxiety and consternation in Islamabad is the depleting reserves of its military’s artillery and ammunition and also a ruined economy…reports Asian Lite News As the tensions between India

Mortgage lending at four-year high 

Figures show a 290% rise in mortgage borrowing, but approvals for new home purchases fell for the third month  A rush to get property purchases over the line before last month’s stamp
Go toTop

Don't Miss

Global Covid caseload tops 438.3 mn

The global coronavirus caseload has topped 438.3 million, while the

Airbus signs strategic MoU with Esharah Etisalat Security Solutions

Airbus has signed a Memorandum of Understanding (MoU) with Esharah