Hanoi (VNA) – The international credit rating agencyFitch Ratings on July 19 affirmed Malaysia's long-term foreign-currencyissuer default rating (IDR) at 'BBB+' with a stable outlook.
It said Malaysia's rating balances prospects forstrong and broad-based medium-term growth and persistent current accountsurpluses with a highly diversified export base, against high public debt, alow government revenue base and lingering political uncertainty.
Malaysia's economy is gradually recovering from acontraction of 5.6 percent in 2020 caused by the COVID-19 pandemic, even thoughsocial distancing measures have been tightened over recent months.
Though a nationwide lockdown has been in placesince the beginning of June due to a third COVID-19 wave, manufacturingand exports continue to benefit from thriving demand for Malaysia's exportproducts, including electronics, crude oil and personal protective equipmentmade of rubber.
Fitch forecast that Malaysia’s GDP growth willhit 4.5 percent in 2021 and 6.3 percent in 2022 as the vaccine roll-outgathers pace./.