Malaysia holds interest rates steady
The bank also pointed out that some downside risks still remain in place for the country. The slowing Chinese economy, which is one of Malaysia’s main trade partners, dragged down the country’s export orders while the application of a new consumption tax also caused a decrease in private spending. In addition, the ringgit has seen the steepest declines of any Asian currency against the dollar this year and lower crude oil prices are also weighing down Malaysia’s economy as the country is the only major net oil exporter in the ASEAN region.
According to the bank, Malaysia’s economy will grow as much as 5.5% this year while for 2016, the bank expects the economy to expand between 4-5%. Meanwhile, inflation is expected to increase 2-3% next year, compared with estimates of 2-2.5% in 2015. In the second quarter of this year, the Malaysian economy grew at the slowest pace in almost two years, posting a growth rate of 4.9% from a year earlier.
More free plastics news
Plastic resin (PP, LDPE, LLDPE ,HDPE, PVC, GPS; HIPS, PET, ABS) prices, polymer market trends, and more...- Upstream keeps China PET afloat; prices hit 11-month high
- Import PVC uptrend loses momentum in Asia; is the 9-month rally coming to an end?
- Tightness brings further price hikes in African PP, PE markets
- European PP hits new highs after 3-digit hikes for January
- Turkey’s PP, PE markets open 2021 with supply-driven hikes
- Vietnam’s local homo-PP market retreats for 3rd week on subdued demand
- China’s PE demand wavers amid controls on environmental pollution and electricity use
- January trend takes shape in Egypt’s PP, PE markets
- Stats: Turkey’s 2020 polymer imports set to beat the 2017 record
- China PP, PE markets close 2020 on a soft note; SE Asia feels pressure