WB maintains Malaysia’s economic growth forecast at 5.5 percent
The World Bank (WB) on June 13 maintained Malaysia's economic growth forecast at 5.5 percent in 2022.
Illustrative image (Source: malaymail.com)The growth is mainly driven by a robust rebound in consumption demand, the WB said in a report.
According to the bank, Malaysia's private consumption growth is forecast to reach 8.5 percent this year - its fastest pace since 2008.
The strong recovery in household spending is premised on further dissipation of public health concerns in absence of a severe resurgence of COVID-19 caseloads, as well as continued policy support and gradual improvements to employment and income prospects, it added.
It also projected Malaysia's economy to grow at 4.5 percent in 2023 and 4.4 percent in 2024.
The Malaysian economy had contracted by 5.6 percent in 2020 but on the back of an expedited vaccination rollout, and easing mobility barriers, it grew at 3.1 percent last year.
The country's economic recovery continues this year, expanding by a healthy 5 percent in the first quarter of 2022./.
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