Malaysia GDP growth: World Bank revises the number down for 2021.
World Bank used to believe that Malaysia’s GDP for 2021 will be 4.6 percent. Based on its latest assessment, it does not believe so anymore. It now believes that our GDP growth will be worse even if still positive at 3.3 percent. What has happened and why has World Bank decided to revise our GDP growth downwards? By the way, it is not just Malaysia’s numbers yeah. It has also revised downwards in terms of economic growth for countries in this region.
Article in themalaysianreserve.com The World Bank has revised down Malaysia’s GDP growth for 2021 to 3.3 percent compared to earlier forecast of 4.6 percent. The reason for this revision is because of the movement control orders, increased precautionary behaviours and subdued labour market conditions. This will drag down private consumption and local economic growth in general. It says that economic activity began to slow down in second quarter of 2021 and growth forecasts have been downgraded for most countries in the region. This is as per World Bank’s East Asia and Pacific Fall 2021 Economic Update. Do click on the article for a lot more details too Article in themalaysianreserve.com