Malaysia’s GDP seen growing faster at 4.8% in 2020

11 Oct 2019 / 16:02 H.

• Gross domestic product (GDP) growth is projected to improve marginally to 4.8% in 2020 from 4.7% in 2019.

• Household spending, which accounts for 58% of GDP, will continue to spearhead growth, supported by a stable labour market and benign inflation.

• Domestic demand is expected to expand 4.8% in 2020 against 4% in 2019

• Private consumption is estimated to grow 6.9% in 2020 from 6.8% in 2019, underpinned by sustained economic activities, including major events such as Visit Malaysia 2020, APEC meetings and World Congress on Information Technology 2020.

• Private investment is expected to rise 2.1% in 2020 from 1.5% in 2019, given the resumption of strategic projects and higher exports, particularly electrical and electronics.

• However, public consumption is projected to remain moderate at 2% in 2019 and 1.5% in 2020, in line with the fiscal consolidation path.

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