World Bank lowers Malaysia GDP growth again to 4.7%

Slower GDP growth over next four to six months.

KUALA LUMPUR: The World Bank slashed Malaysia’s 2018 economic growth projection for the second time this year, bringing the forecast slightly lower than the Finance Ministry’s official guidance of 4.8%.

The government’s declining expenditure as well as lower public and private investments have led the World bank to cut its gross domestic product (GDP) forecast in 2018 to 4.7%, down from 4.9% as stated in October this year.

Earlier in July, the bank expected the country’s economy to grow by 5.4% this year. 

According to the World Bank country director for Brunei, Malaysia, Philippines and Thailand, Mara Warwick, the Malaysian economy remains resilient even though growth has continued to moderate.