WB keeps Malaysia's economic growth on richer scale

KUALA LUMPUR: Malaysia's economic growth prediction for this year was kept at 5.5 percent by the World Bank on Monday.

The World Bank said in a report that the rise is mainly driven by a healthy comeback in consumption demand.

Malaysia's private consumption growth is expected to reach 8.5 percent this year, according to the global lender, the fastest since 2008. The significant recovery in household spending is based on continuing policy support, modest improvements in employment and income prospects, and the dissipation of public health concerns in the absence of a severe comeback of Covid-19 caseloads, according to the report.

Malaysia's GDP is expected to grow at 4.5 percent in 2023 and 4.4 percent in 2024, according to the World Bank. Malaysia's economy declined by 5.6 percent in 2020, but it grew by 3.1 percent last year thanks to an expedited vaccine mandate and the removal of movement impediments.

The country's economic recovery is expected to continue this year, with growth of 5% in the first quarter of 2022.  Domestic demand increased upon the resumption of most economic activities as pandemic-related containment restrictions were loosened further.

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