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Don: M’sia can record above 5pct GDP growth this year

Malaysia's strong second quarter gross domestic product (GDP) growth of 5.8 percent suggests that the country could record over five percent growth for the full year.

Sunway University's Business School Economics Prof Dr Yeah Kim Leng said Malaysia's second quarter GDP performance was an upside surprise as the economy was projected to expand a bit slower after the first quarter's consensus-beating 5.6 per cent growth.

“It is reflective of the continuing strengthening of global demand, and importantly, the strong 7.1 percent rise in private consumption.

“The above trend consumption growth suggests the lingering effects of the goods and services tax, as well as the weak ringgit, have further receded,” he told Bernama.

He said if Malaysia could record over five percent growth for the full-year GDP, the nation would become one of the top-performing economies in Asean.

Bank Negara Malaysia, in an announcement yesterday, said Malaysia’s economy recorded a robust expansion of 5.8 percent in the second quarter, higher than four per cent in the same quarter of last year and 5.6 percent in the first quarter of this year.

The central bank said the expansion was boosted by solid growth in gross export, services, and manufacturing sectors, as well as private investment.

It also said that a revised GDP growth target for this year would be announced in the upcoming budget and is expected to be higher than the initial 4.3-4.8 percent projection.

- Bernama

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