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WB maintains Malaysia’s economic growth forecast at 5.5 percent

The World Bank (WB) on June 13 maintained Malaysia's economic growth forecast at 5.5 percent in 2022.
WB maintains Malaysia’s economic growth forecast at 5.5 percent ảnh 1Illustrative image (Source: malaymail.com)
Kuala Lumpur (VNA) - The WorldBank (WB) on June 13 maintained Malaysia's economic growth forecast at 5.5percent in 2022.

The growth is mainly driven by a robustrebound in consumption demand, the WB said in a report.

According to the bank, Malaysia'sprivate consumption growth is forecast to reach 8.5 percent this year - itsfastest pace since 2008.

The strong recovery in householdspending is premised on further dissipation of public health concerns inabsence of a severe resurgence of COVID-19 caseloads, as well as continuedpolicy support and gradual improvements to employment and income prospects, itadded.

It also projected Malaysia's economy togrow at 4.5 percent in 2023 and 4.4 percent in 2024.

The Malaysian economy had contracted by5.6 percent in 2020 but on the back of an expedited vaccination rollout, andeasing mobility barriers, it grew at 3.1 percent last year.

The country's economic recoverycontinues this year, expanding by a healthy 5 percent in the first quarter of2022./.
VNA
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