MALAYSIA will maintain its 4.8% gross domestic product (GDP) growth projection for 2020 despite World Bank’s revised forecast to 4.5%, Finance Minister Lim Guan Eng said.

“We still feel we should achieve our target of 4.7% for 2019 but let us wait for the numbers when they come out next year,” he said in Putrajaya today.

World Bank’s Malaysia forecast of 4.5% for 2020 is slightly lower than the 4.6% for this year.

Its macroeconomics, trade and investment lead economist Richard Record recently said the slightly trimmed GDP forecast was largely due to weaker-than-anticipated investment and export growth in the third quarter of 2019.

“Private consumption is projected to expand at a still robust rate of 6.5% next year, underpinned by stable labour market conditions, relatively benign inflation, and continued support from government measures,” he said. 

Commenting on World Bank’s projections, Lim said targets could always be reviewed but Malaysia, for the moment, is certain that it is on track. – December 12, 2019.