The headquarters of the Malaysian Central Bank (Photo: malaysia-chronicle)Kuala Lumpur (VNA) - The World Bank (WB) has projectedMalaysia’s economy to become a high-income country at some point between 2020and 2024.
Malaysia’s national news agency Bernama quoted the bank as saying that theMalaysian economy will expand 4.7 percent in 2019 and 4.6 percent in 2020despite challenges.
For 2018, the country’s economic growth is expected to stand at 4.9 percent,underpinned by continued strong growth in private consumption. Lastyear, the figure was 5.9 percent.
“As a highly-open economy, Malaysia will continue to face substantial risksrelating to uncertainty in the external environment,” the WB said in its latesteconomic report on the region.
In Navigating Uncertainty, the Oct 2018 edition of the EastAsia and Pacific Economic Update, the World Bank said heightened financialmarket volatility – either triggered by shifting monetary policy expectationsin advanced economies, or crises in other regions – could spread acrossemerging economies, including Malaysia, through capital outflows and pressureson exchange rates.
“Another key risk relates to the escalation in protectionisttendencies and trade tensions in some major economies which could have anadverse impact on Malaysia, given its high level of integration with globalmarkets and its dependence on global value chains as a source of growth,” saidthe bank.-VNA
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