Illustrative image (Photo: Reuters)Kuala Lumpur (VNA) - The World Bankhas revised Malaysia’s economic growth projection to 3.3 percent in 2021, whileforecasting a higher economic growth of 5.8 percent in 2022 and 4.5 percent in2023 for Malaysia.
Speaking at a virtual press conference on thelaunch of the World Bank’s East Asia and Pacific Economic Update October 2021report on September 28, the bank has lowered its 2021 economic growth forecastsfor all economies in the Asia-Pacific region, except China.
In particular, the World Bank has loweredMalaysia's economic growth forecast for 2021 from 4.5 percent in June 2021 to3.3 percent, mainly due to the COVID-19 situation in the Asia-Pacificdeteriorates, affecting the economic recovery process.
This is the second time in a row in 2021 that thebank has revised down its economic growth forecast for Malaysia. In March 2021,it lowered its economic growth forecast for Malaysia in 2021 from 6.7 percentto 6 percent.
The WB's forecast for Malaysia's economic growthin 2021 is similar to that of the Central Bank of Malaysia (BNM). On August 13,BNM also lowered Malaysia's 2021 economic growth forecast from the previous6-7.5 percent to 3-4 percent.
BNM believes that in the short term, Malaysia'seconomic situation will be significantly affected by the epidemic. However, theWorld Bank believes that Malaysia's economy in 2022 will recover and hasrevised its economic growth forecast from the previous 4.2 percent to 5.8percent./.
Speaking at a virtual press conference on thelaunch of the World Bank’s East Asia and Pacific Economic Update October 2021report on September 28, the bank has lowered its 2021 economic growth forecastsfor all economies in the Asia-Pacific region, except China.
In particular, the World Bank has loweredMalaysia's economic growth forecast for 2021 from 4.5 percent in June 2021 to3.3 percent, mainly due to the COVID-19 situation in the Asia-Pacificdeteriorates, affecting the economic recovery process.
This is the second time in a row in 2021 that thebank has revised down its economic growth forecast for Malaysia. In March 2021,it lowered its economic growth forecast for Malaysia in 2021 from 6.7 percentto 6 percent.
The WB's forecast for Malaysia's economic growthin 2021 is similar to that of the Central Bank of Malaysia (BNM). On August 13,BNM also lowered Malaysia's 2021 economic growth forecast from the previous6-7.5 percent to 3-4 percent.
BNM believes that in the short term, Malaysia'seconomic situation will be significantly affected by the epidemic. However, theWorld Bank believes that Malaysia's economy in 2022 will recover and hasrevised its economic growth forecast from the previous 4.2 percent to 5.8percent./.
VNA
