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StanChart Ups Malaysia’s GDP Growth
World Economy

StanChart Ups Malaysia’s GDP Growth

Standard Chartered Bank has raised its forecast for Malaysia’s gross domestic product growth to 4.1% from 3.8% previously, supported by the recent export recovery, investing.com reported. The global banking group said the export growth was encouraging at end-2016, up 11% year-on-year in December from a monthly average of 0.2% in the January-November period of 2016. “The recovery in commodity prices from year-ago levels should boost growth momentum,” it said in its second quarter Global Focus Report issued in Kuala Lumpur. The bank also raised its forecast for this year’s current account surplus to 3% of GDP from 2% projected previously. “Our upward revision reflects rising commodity prices, strong pick-up in electronic exports and a slight expected slowdown in capital- and consumer-good import growth,” it said. StanChart said investments were expected to see a slight pick-up this year with little positive impulse for oil and gas investments amid still-cautious sentiment following the previous price collapse.

 

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