Finance minister: Malaysia’s 2020 growth target to remain at 4.8pc

Finance Minister Lim Guan Eng speaks during a media conference in Putrajaya December 12, 2019. — Picture by Shafwan Zaidon
Finance Minister Lim Guan Eng speaks during a media conference in Putrajaya December 12, 2019. — Picture by Shafwan Zaidon

PUTRAJAYA, Dec 12 — Lim Guan Eng is confident Malaysia can achieve its economic growth target of 4.8 per cent for next year even after the World Bank dialled down its forecast for the country.

However, the finance minister said there is still room for revision later on, depending on the outcome of this year’s achievement.

“I think we will still keep to our target and that we will depend on ultimately on our growth performance for 2019.

“So I am sure that if we maintain our growth target of 4.7 for 2019, likely we will maintain our 4.8 per cent target.

“If this target is not achieved, of course, then we may need to have a look at it again, but at the moment I think we are still on track,” he told reporters here today.

Lim was asked to comment on World Bank’s downward revision for Malaysia’s 2020 GDP forecast.

The World Bank’s latest prediction is that the Malaysian economy would grow at a rate of 4.5 per cent in 2020, compared to its initial figure of 4.6 per cent.

World Bank’s macroeconomics, trade and investment lead economist Richard Record was reported saying the slightly lower GDP forecast was largely due to weaker-than-anticipated investment and export growth in the third quarter of 2019.

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