KUALA LUMPUR: Malaysia’s exports are expected to grow by 9.3 per cent this year, mainly driven by demand from developed and emerging economies, says the Malaysian Industrial Development Finance Bhd (MIDF).
The forecast came after the country recorded strong gross domestic product (GDP) growth in the fourth quarter of 2017, which was higher than market expectation.
Bank Negara Malaysia yesterday announced a GDP growth of 5.9 per cent for both the fourth quarter of 2017 and the full year, and maintained a favourable outlook for 2018.
The economic growth was mainly due to private consumption and investment which recorded solid growth.
A stable labour market and an uptick in wage growth also provided a boost to private consumption, MIDF said.
The finance institution said a steady performance in services also reflected the domestic economy’s current upbeat momentum.
“MIDF is forecasting the GDP will average around 5.5 per cent in 2018, helped by the stable labour market, continued wage growth and moderating inflation in the domestic economy.” – Bernama