Malaysia’s GDP growth in 2019 in line with neightbouring countries

Kuala Lumpur (VNA) - Malaysia’s modest gross domestic product (GDP) growth of 4.3 percent in 2019 is considered better than some of its neighbours, said Economic Affairs Minister Datuk Seri Azmin Ali.

Other ASEAN countries, while most of it registered higher growth, had missed their 2019’s projection.

Last year, Singapore’s economy grew 0.7 percent, the slowest in a decade, while the Philippines missed its 6.0 to 6.5 percent target to register 5.9 percent GDP expansion, the lowest in eight years, he said, adding Indonesia’s GDP rose 5.02 percent, short of the government’s 5.3 percent target.

Azmin said the trend was also seen in parallel with the growth of other Asian countries.

The overall performance of the Malaysian economy was moderated by the slowdown in the global economy in line with the slowdown in global trade activity, he explained.

Azmin said domestic economic growth prospects for 2020 might be affected by the recent coronavirus disease (COVID-19) outbreak, which may cause global supply disruption.

The sectors that will be impacted include tourism, transportation and manufacturing industries.

He said to mitigate the adverse impact and ensure continuation of the people's well-being, the government was taking proactive measures. They are meant to boost domestic economic activity while also promoting exports, especially for the health care, electricity and electronics, and pal oil related products.

Besides, an economic stimulus package is being finalised to support economic growth while at the same time prioritising the well-being of the residents.

He said in addition, the government's move to reduce toll rates and ensure a stable petrol price was expected to help ease the people's burden while strengthening domestic tourism.

Bank Negara Malaysia’s move to reduce the Overnight Policy Rate to 2.75 percent on January 22 would also support the growth of the domestic economy this year, he added./.