Malaysia will continue to deliver robust growth: World Bank

KUALA LUMPUR: Malaysia will continue to deliver robust growth, well backed by its diversified economy, a wide range of reform initiatives and strong macroeconomic policy frameworks to withstand external shocks, said World Bank Group.
Its Development Prospects Group director, M. Ayhan Kose, said the Malaysian economy has been doing well and the real growth rate for 2017 would likely be better than 2016.
“Over the longer term perspective, Malaysia has undertaken a wide range of reforms and these had created the type of benefits that you (can) expect in an economy.
“The economy is more diversified today than it was 20 years ago, (with) institutions stronger and so are the macroeconomic policy frameworks. So the potential growth is still at higher respectable level,” he told reporters after a briefing on the “Global Economic Prospect” today.
Last month, the World Bank, in its Global Economic Prospects report, said Malaysia’s gross domestic product growth was expected to grow at 5.2% this year.
Kose said the report also emphasised the repetition of the global crisis history and recession.
“This doesn’t necessarily mean (that) there will be another recession soon. At the same time, given the fact that history repeats itself, it’s a good to make sure that the financial system is resilient and policy space available to implement the type of policies necessary to stimulate the economy if that type of crisis happens.” – Bernama