World Bank raises growth forecast to 5.7pc
THE World Bank has raised its economic growth forecast for Malaysia to 5.7 per cent from 4.1 per cent before as global demand for exports recovers.
"The lack of integration between the multinational corporations and the rest of the economy is a blessing at one end, as it (impact of the crisis) did not spill over the rest of the economy," he said.
He was speaking at the launch of the Malaysia Economic Monitor, a World Bank publication on the Malaysian economy.
Schellekens, who is attached to the East Asia and Pacific Department of World Bank in Bangkok, expects a first quarter economic growth of 8.5 per cent.
The World Bank also projects Malaysia to grow by 5.3 per cent in 2011 and 5.6 per cent in 2012.
Minister in the PM's Department Tan Sri Nor Mohamed Yakcop described the recent growth forecasts by various internatio-nal bodies as encouraging.
"This upgrade augurs well for us as it reflects the growing investor confidence as well as improving business sentiment," he said.
The Asian Development Bank recently projected the Malaysian economy will rebound with a 5.3 per cent growth this year, underpinned by expansion in exports and strong regional demand led by China.
"While growth in the developed economies remain uncertain, Malaysia will benefit from the better prospects of Asia leading the global recovery," he said.
Nor Mohamed said the Economic Planning Unit will announce its growth projection for Malaysia for the next five years, when it tables the 10th Malaysia Plan in Parliament on June 10.
Schellekens also warned of a growing debt burden for Malaysia in the event the structural reform agenda under the New Economic Model were to stall.
Senior economist Philip Schellekens said Malaysia is fortunate that its economy does not rely entirely on the manufacturing sector, mainly driven by multinational corporations.
"The lack of integration between the multinational corporations and the rest of the economy is a blessing at one end, as it (impact of the crisis) did not spill over the rest of the economy," he said.He was speaking at the launch of the Malaysia Economic Monitor, a World Bank publication on the Malaysian economy.
Schellekens, who is attached to the East Asia and Pacific Department of World Bank in Bangkok, expects a first quarter economic growth of 8.5 per cent.
The World Bank also projects Malaysia to grow by 5.3 per cent in 2011 and 5.6 per cent in 2012.
Minister in the PM's Department Tan Sri Nor Mohamed Yakcop described the recent growth forecasts by various internatio-nal bodies as encouraging.
"This upgrade augurs well for us as it reflects the growing investor confidence as well as improving business sentiment," he said.
The Asian Development Bank recently projected the Malaysian economy will rebound with a 5.3 per cent growth this year, underpinned by expansion in exports and strong regional demand led by China.
"While growth in the developed economies remain uncertain, Malaysia will benefit from the better prospects of Asia leading the global recovery," he said.
Nor Mohamed said the Economic Planning Unit will announce its growth projection for Malaysia for the next five years, when it tables the 10th Malaysia Plan in Parliament on June 10.
Schellekens also warned of a growing debt burden for Malaysia in the event the structural reform agenda under the New Economic Model were to stall.
Comments
Post a Comment