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Malaysia cuts economic growth estimates for 2015

by ChemOrbis Editorial Team - content@chemorbis.com
  • 21/01/2015 (14:59)
Malaysia’s government cut their economic growth forecast for 2015 to 4.5-5.5% from the previously estimated growth rate of 5-6%, according to media reports. South Asia’s biggest oil producer expects deceleration in the economy this year because of sharp decreases in crude oil prices and the weakening global economy.

South East Asia’s third-largest economy set its growth rate with an assumption that crude oil prices would likely to be traded at around $55/bbl in 2015, however some analysts stated that in case crude oil prices may decline more than the government’s expectations to be traded at around $50/bbl, this will put additional downward pressure on the country’s economy.

However, Malaysia’s Prime Minister said that the country isn’t in crisis and they are just taking measures in the face of changing global economies and plunging crude oil prices.
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