KUALA LUMPUR: Malaysia is on track to achieve a gross domestic product (GDP) growth of among 5. 3 per cent and 6. a few per cent in 2022, said Finance Ressortchef (umgangssprachlich) Tengku Datuk Seri Zafrul Aziz these days.
“I feel optimistic that we may achieve the GDP forecast of between 5. 3 % and 6. three or more per cent, ” this individual said during a job interview with CNBC today.
Tengku Zafrul said Malaysia’s financial growth is anticipated to accelerate in the 3rd quarter of 2022 (Q3 2022), ongoing the positive economic momentum in the first half the year, driven by private consumption adopting the resumption of financial activities in the country.
Malaysia’s GDP expanded by 8. nine per cent in Q3 2022, aided with a boom in overseas trade with both export and import ideals hitting record heights in June.
However , the country’s economic outlook entering 2023 is expected to be challenging because of concerns over a worldwide economic slowdown, China’s stumbling growth and the United States Federal Reserve’s aggressive monetary tightening up.
“Even the particular International Monetary Fund and the World Financial institution have revised their particular global growth prediction, (due to occasions such as) the Ukraine-Russia conflict.
“China, which is Malaysia’s largest trading partner, has also implemented a very conservative COVID-19 policy, and this has disrupted the supply string between Malaysia and China, ” he or she added.
In the meantime, Tengku Zafrul stated Malaysia’s budget deficit is expected to remain at 6. 0 per cent in 2022, noting that the debt-to-GDP ratio currently appears at 60 percent — well below the ceiling associated with 65 per cent.
“We will have to stay with that 6. 0 per cent deficit. We need to make sure that the revenue is as per spending budget or at least matches what we need to do to cover the greater expenses due to subsidies, ” he said. – Bernama