Malaysia stands by GDP forecast despite World Bank's estimates, says Ahmad Maslan


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.

ALSO READ: World Bank cuts Malaysia’s GDP forecast to 3.9%

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.

ALSO READ: Malaysia's 2023 economic growth expected to moderate to 3.9% - World Bank

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.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Economy , GDP , World Bank , Growth , Ahmad Maslan

   

Next In Nation

EPF CEO slated to fill Finance Minister II post at Tuesday’s Cabinet reshuffle�
New health minister lined up, Zaliha possibly moving to revived FT ministry
Spanish court yet to set date to deliver verdict in Stampa trial, says Azalina
I'm unsure if I'll still be a minister tomorrow, quips Azalina
US veto on UN Resolution violates humanitarian principles, values, say Malaysian NGOs
Body of accountant found in Cheras, police suspect foul play
Medical gas products must be licensed, registered from Jan 1, says health DG
Govt to continue blocking morally compromised social media platforms, says Fahmi
Number of Covid-19 cases in Johor up threefold this week
Covid-19 cases increase to 6,796 in ME48/2023

Others Also Read