Malaysia’s strong showing bucks the trend across the region, where the US-China trade war has taken a toll on trade-reliant economies.
Sunday 18, August 2019
Malaysia’s growth quickened in the second quarter as strong domestic demand and a rebound in commodity prices helped it weather a regional slowdown, reported Bloomberg.
According to figures from the central bank, gross domestic product expanded 4.9 per cent in the second quarter from a year ago, up from 4.5 per cent in the previous three months—the strongest expansion since early 2018 and beat economists’ median estimate of 4.7 per cent.
Bank Negara Malaysia Governor Nor Shamsiah Mohd Yunus said the central bank expects full-year GDP growth of 4.3-4.8 per cent, affirming the previous estimate.
Earlier this week neighbouring Singapore cut its full-year growth forecast to almost zero and Thailand was expected to roll out a stimulus package late last week. Goldman Sachs Group analysts last week downgraded their forecasts for Asia’s four Tiger economies amid growing trade tensions.