KUALA LUMPUR: Malaysia stands by its forecast for the country's gross domestic product (GDP) at between 4% and 5% in 2023, says Deputy Finance Minister I Datuk Seri Ahmad Maslan.
"We respect the World Bank's analysis. But we will keep our forecast at around 4% to 5%, as there has been no change in terms of the projections or if there's any big growth expected this year," he said.
Ahmad said this when met after launching the Malaysia-China Entrepreneur Macro Health Forum and Grand Sian Celebrity Charity Gala Night at a hotel here on Tuesday (Oct 3).
Ahmad was commenting on the World Bank lowering its forecast for Malaysia’s GDP growth to a moderate 3.9% expansion in 2023, down from the previous estimate of 4.3% in April 2023.
On Tuesday, World Bank lead economist for Malaysia Apurva Sanghi attributed the downward projection to the base effects of high growth last year and weak external demand, reflected in the export numbers for the first two quarters.
He added that the outlook for 2024 remains positive with a forecast growth rate of 4.3%, attributed to the recovery in tourism, improved global economic conditions and the impact of base effects.