KUALA LUMPUR, Feb 15 — Malaysia’s exports is expected to grow by 9.3 per cent this year, mainly driven by demand from developed and emerging economies, said 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 for the full year and maintained a favourable outlook for 2018.
This economic growth was mainly contributed by both private consumption and investment which grew solidly.
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 that the domestic economy was currently on an upbeat momentum.
“MIDF is forecasting the GDP will average around 5.5 per cent in 2018, helped by stable labour market, continued wage growth and moderating inflation in the domestic economy. — Bernama