MIER revises 2019 GDP growth forecast upward to 4.6pc

Malaysian Institute of Economic Research  has revised upward its 2019 GDP forecast for Malaysia to 4.6 per cent from 4.5 per cent, due to changes in its forecast model. — Picture by Choo Choy May
Malaysian Institute of Economic Research has revised upward its 2019 GDP forecast for Malaysia to 4.6 per cent from 4.5 per cent, due to changes in its forecast model. — Picture by Choo Choy May

KUALA LUMPUR, July 29 — The Malaysian Institute of Economic Research (MIER) has revised upward its 2019 gross domestic product (GDP) forecast for Malaysia to 4.6 per cent from 4.5 per cent, due to changes in its forecast model.

Its chairman, Tan Sri Dr Kamal Salih said the upward revision, however, was not very much and still within the forecast made by Bank Negara Malaysia.

“Despite the revision, we are not optimistic due to global headwinds and weak sentiments. It’s not a good time to say that everything is getting better,” he told reporters after MIER’s 34th National Economic Briefing here, today.

The MIER’s Business Condition Index slipped slightly to 94.2 points in the second quarter of 2019 (2Q19), from 94.3 points in the previous quarter, while business confidence remained flat during the quarter.

On the other hand, the Consumer Sentiment Index rose to 93 points in 2Q19 from 85.6 points in 1Q19.

MIER said in the months ahead, household demand will proceed cautiously, particularly for interest in sensitive and big ticket items such as houses and cars. — Bernama

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