World Bank revises Malaysia GDP target for 2017 again
Last updated on 14 December 2017 - 02:04pm
KUALA LUMPUR: The World Bank has once again revised upward its full year forecast for Malaysia's gross domestic product (GDP) growth from 5.2% to 5.8%, on the back of strong domestic and external demand.
World Bank Director for Regional Partnership Malaysia and Thailand Dr Ulrich Zachau said, the lift is attributable to economic growth chartered across several areas--in particular private consumption, private investments, exports.
"Malaysia's economic growth comes from all sources," Zachau told reporters at the launch of the World Bank's Malaysia Economic Monitor report earlier today.
In October, the organisation forecasted that Malaysia's GDP will grow 5.2%, following a revision to the previous projection of 4.9%. in June.
The World Bank maintained that the pace of GDP growth is expected to recede to 5.2% in 2018.
Meanwhile, to achieve the goal of becoming a high income nation between 2020-2024, Zachau said there is also a need for a more inclusive economic growth in relation to the Bottom 40 group--which happens to be affected by inflation the most, as 70% of their income are spent on food and housing, the areas with the highest inflation increase.