World Bank cuts 2015 growth forecasts for Malaysia
Slower export growth, expectations of reduced investments in the oil and gas industry as well as moderate forecasts for private consumption lie behind the Bank’s downwardly revised growth forecast. The Bank expects Malaysia’s export growth to slow to 4.1% next year from a growth rate of 5.4% estimated for this year.
According to the World Bank, the latest economic growth estimates still represent strong growth for the country given plunging oil prices. The Bank reported that in the short term Malaysia’s economy may benefit from declining oil prices owing to the elimination of fuel subsidies, however in the long term the bearish trend in crude oil prices may result in downside risk to the country’s economy.
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