Malaysia’s GDP to increase 4.2 percent in 2016

Kuala Lumpur, Malaysia's capital. (Photo: Internet)

Kuala Lumpur (VNA) – The Malaysian Institute of Economic Research (MIER) projects the country’s gross domestic product (GDP) would grow 4.2 percent this year, lower than the 2015 figure of 5 percent, due to falling oil price, domestic consumption and export.

The growth for 2017 is forecasted at between 4.5 and 5.5 percent with domestic consumption remaining a growth engine. 

The country’s inflation rate in 2016 is expected to reduce to 2.2 percent, compared to 3.4 percent in 2015, and stand at 2.7 percent in 2017, according to MIER. 

Earlier, Malaysia Investment Development Agency (MIDA) published figures showing the country attracted 28.2 billion ringgit (6.9 billion USD) of foreign direct investment (FDI) in the period January-June this year, meeting 78.2 percent of this year’s plan. 

This showed foreign investors stay interested in Malaysia’s market amid the present economic outlook, said Mustapa Mohamed, Malaysian Minister of Industry and International Commerce.-VNA