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ADB lowers Malaysia's GDP growth forecast to 5.8 pct in 2022, 5.1 pct in 2023

KUALA LUMPUR
2022-07-21 14:16

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KUALA LUMPUR, July 21 (Xinhua) -- The Asian Development Bank (ADB) on Thursday lowered its economic growth forecast for Malaysia to 5.8 percent for 2022 and 5.1 percent for 2023, from 6 percent and 5.4 percent respectively.

The bank said in its July report that increased uncertainty and weaker global growth are dampening Malaysia's prospects.

It said that growth of 5 percent in the first quarter was underpinned by strong private consumption and increased government assistance.

However, it said Malaysia's business confidence and the Purchasing Managers' Index (PMI) continue to soften in step with weaker global prospects.

According to ADB, agriculture growth remained marginal in the first quarter due to adverse weather conditions and input-cost shocks from the Ukraine crisis.

It also opined that tourism is making a slow recovery.

Arrivals this year are expected to be only a third of the pre-pandemic level, despite that the country reopened its borders to international visitors in April, it added.

The Malaysian economy grew at 3.1 percent in 2021.
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