Investment bank upgrades Malaysia’s 2021 GDP forecast to 7%

However, the investment bank said private consumption growth was projected to be more uncertain in the first half of 2021 as the economy was likely to start off by still reeling from the weaker momentum with an elevated unemployment rate and lower wage growth.

KUALA LUMPUR: RHB Investment Bank Bhd (RHB IB) has upgraded its 2021 real gross domestic product (GDP) growth projection for Malaysia to 7% year-on-year (y-o-y) from 4% y-o-y earlier.

The revision in outlook was made after factoring in the assumption of mass Covid-19 vaccine deployment in the second half of next year, the investment bank said.