World Bank predicts Malaysia's economic growth at -3.1pc, moots govt asset sale or higher Petronas dividends to control deficit
World Bank predicts Malaysia's economic growth at -3.1pc, moots govt asset sale or higher Petronas dividends to control deficitThe World Bank said household spending and business investment spending are expected to increase gradually but remain subdued in the near future due to heightened uncertainty. ― Picture by Ahmad Zamzahuri
The World Bank also based this projection on its forecast of an output contraction of around 10 per cent in the months of April to June this year, matching the significant impact of economic disruptions arising from the MCO during these months. The Malaysian government has continuously imposed the MCO in various phases since March 18, with the latest phase — — the recovery movement control order phase expected to last until August 31.
With global trade expected to take longer to recover, the World Bank predicted Malaysia’s exports and imports to shrink sharply by -12.9 per cent and -9.2 per cent this year. For its forecast of the fiscal deficit, the World Bank highlighted that this was due to projected increase in government spending by RM35 billion due to costs linked to the Prihatin and Penjana economic stimulus packages, as well as due to falling global oil prices that could lead to the already declining government revenues to drop further.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
World Bank lowers Malaysia GDP, sees it shrinking by 3.1%KUALA LUMPUR: The World Bank has downgraded its forecast for Malaysia’s economy this year and expects GDP to contract by 3.1% from its earlier expectations of -0.1% in April while it expects the near-term outlook to be uncertain due to the Covid-19 pandemic.
Read more »
Malaysia losing talent it needs to climb world ladder, Fitch unit says | Malay MailKUALA LUMPUR, June 25 — Stalled reforms and perceived discrimination will keep up the chronic brain drain that has hampered Malaysia’s economic development at time regional rivals are catching up to or surpassing the country, said Fitch Solutions Country Risk & Industry Research. In a...
Read more »
Malaysia's economy to bounce 6.9pct in 2021: World Bank | New Straits TimesKUALA LUMPUR: Malaysia’s economy is projected to contract 3.1 per cent this year due to a sharp slowdown in economic activity caused by Covid-19 and measures to contain its spread, said the World Bank.
Read more »
Malaysian economy to shrink 3.1% in 2020, says World Bank | The Malaysian InsightCountry expected to resume growth at 6.9% next year as Covid-19 crisis eases.
Read more »
World Bank: Gov't may need to spend more on Prihatin, PenjanaThis is to protect vulnerable households and ensure SMEs are sustainable, it says.
Read more »
Economy will contract 3.1% this year, says World BankIt says economy will grow 6.9% in 2021 but calls for a deepening of social assistance for lower-income households. FMTNews WorldBank Malaysia Economy
Read more »