Malaysia's retail sales forecast cut for third time

Raya shopping: Woman shoppers looking at shoes at Gama Supermarket and Department Store in Penang for the coming Hari Raya celebration. The Malaysian Retailers Association hopes consumers will return to buy more goods during the third quarter of 2015.

KUALA LUMPUR: The Malaysia Retailers Association (MRA) has lowered the projected retail sales growth rate in 2015 for the third time from 4.9% to 4% as consumers hold back their spending due to higher costs of living, a weak ringgit and higher cost of doing business.

In its Malaysia Retail Industry Report issued on Thursday, MRA said consumers had been holding back on spending since end of 2014 ahead of the Goods & Services Tax (GST), which was imposed on April 1 this year.