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IMF foresees moderate economic growth for Malaysia in 2015

by ChemOrbis Editorial Team - content@chemorbis.com
  • 10/03/2015 (17:21)
According to media reports, the International Monetary Fund is predicting moderate growth for Malaysia’s economy in 2015. The IMF forecast that Malaysia’s economy would grow by 4.8% this year compared with an estimated growth rate of 5.9% in the last year. The country’s inflation may increase slightly to 3.1% in 2015 as a result of an end to fuel subsidies, the introduction of a Goods and Services Tax (GST) and exchange rate depreciation, according to the IMF.

The Malaysian government will introduce the GST in Malaysia at a rate of 6% as of April 1, 2015, which is reportedly the lowest rate in the region, followed by Singapore and Thailand. The IMF reported that gradually raising the rate would help Malaysia reduce its fiscal dependence on hydrocarbons and balance the budget.
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