New Straits Times
‘GDP GROWTH TO HIT 5.3PC’
Resilient private consumption spending is key, says MARC
MALAYSIAN Rating Corp Bhd (MARC) expects Malaysia’s gross domestic product (GDP) growth to hit 5.3 per cent growth this year.
MARC chief economist Nor Zahidi Alias said resilient private consumption spending, which was a key to keep the economy growing at above the long-term trend level of five per cent, was expected to grow by 7.2 per cent on average.
“Growth support should also be forthcoming from the ongoing implementation of large infrastructure projects such as Mass Rail Transit 2, Light Rail Transit Line 3, PanBorneo Highway and Menara Warisan.
“Good prospects are expected for the external sector. This is in line with the International Monetary Fund’s global output and trade volume growth projections of 3.9 and 4.6 per cent, respectively, this year,” he said at a briefing, here, yesterday.
Nor Zahidi said the improving global oil market and rising crude oil prices would be positive for the Malaysian economy this year.
From a sovereign rating perspective, he said many of Malaysia’s median macroeconomic parameters remained well in line with its single-A peers.
MARC said Malaysia had strong institutions and its rankings in the World Bank’s Ease of Doing Business report and World Economic Forum’s Global Competitiveness report remained commendable.