MALAYSIA will grow by 4.9% this year, said the Malaysian Institute of Economic Research (Mier) yesterday in the second major upward revision to its forecast of the country’s gross domestic product (GDP) growth rates in less than six months.
Recent Statistics Department revisions to the export data for August and September, and higher GDP growth in third-quarter 2003 of 5.1%, were the main catalysts behind the latest upgrade from a forecast of 4.3% in July. Prior to that, Mier had expected Malaysia’s economy to grow by 3.7%.
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