The World Bank has revised upward its gross domestic product (GDP) growth forecast for Malaysia to 6.4 per cent in 2022 against 5.5 per cent projected earlier on the back of heightened economic activity in the first half of the year (1H22).
Apurva Sanghi, the bank’s lead economist for Malaysia, said the data showed that the economy had expanded highly above expectation in the first half of the year, driven by better domestic consumption and robust export growth from both the electrical and electronics (E&E) and commodity sectors.
The improved performance in the services, tourism, and manufacturing sectors, coupled with the rebound in construction, also contributed to the better, revised forecast, Bernama quoted him saying.
However, the bank also revised downward Malaysia’s GDP growth estimate for 2023 to 4.2 per cent from 4.5 per cent earlier.
