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Malaysia to grow 6 percent in 2022: MIDF Research

The Malaysian Industrial Development Finance Berhad (MIDF) Research has foreseen the country’s gross domestic product (GDP) to grow 6 percent in 2022 from 3.1 percent in 2021, mainly driven by the economy’s further reopening, including a lift of ban on international travels.
Malaysia to grow 6 percent in 2022: MIDF Research ảnh 1 People on a street in Malaysia's Kuala Lumpur on May 28, 2020 (Photo: AFP/VNA)
Kuala Lumpur (VNA) – The Malaysian IndustrialDevelopment Finance Berhad (MIDF) Research has foreseen the country’s grossdomestic product (GDP) to grow 6 percent in 2022 from 3.1 percent in 2021,mainly driven by the economy’s further reopening, including a lift of ban oninternational travels.

As reported by the local news agency Bernama, the researchfirm said with a high vaccination rate, there is less need for the government totighten COVD-19 restrictions given the ability of the healthcare system towithstand the recent resurgence in COVID-19 infections.

Therefore, it expects the momentum of growth will continueto strengthen this year, backed by growing domestic spending, improving labourmarket and increased business activities. "Sustained growth in externaldemand will also support Malaysia’s trade and production activities thisyear," it said in its Monthly Economic Review issued on February 28 asquoted by Bernama.

The MIDF Research has also viewed prolonged disruption inthe global supply chain, rising commodity prices and higher import costs to beamong downside risks to growth outlook.

Meanwhile, it noted that Malaysia's total trade stood at 203billion RM (48.39 billion USD) in the first month of 2022, increasing 24.8 percent annually, drivenby sustained growth in both exports and imports. In addition, the country’s Januaryheadline inflation recorded a four-month low, dragged by lower price growth ofnon-food./.
VNA
#Malaysia#MIDF Research#Bernama#COVID-19#GDP#vietnam news agency#vietnamplus
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