Illustrative image (Source: nst.com.my)

Kuala Lumpur (VNA) - Malaysia has been ranked third in the 2017 Global Retail Development Index (GRDI) by AT Kearney, reported the Malaysian news agency Bernama.

This was the second consecutive year the global management consulting company placed Malaysia at this ranking.

AT Kearney Partner and Head of Southeast Asia, Soon Ghee Chua said Malaysia was ranked only behind China and India thanks to an influx of tourists, higher disposable income and government investments in infrastructure.

According to him, despite currency depreciation, retail sales in the Southeast Asian country grew 3.8 percent in 2016, driven in large part by a 6.1 percent increase in private consumption.

He said Malaysia's retail market continued to grow despite a slight dip in overall gross domestic product growth and short-term pressures of currency fluctuation and inflation.

The sector’s long-term prospects will continue to remain strong, he noted.-VNA