Malaysia forecast to hit 6.7% growth in Q2

Economists have predicted Malaysia’s economy to grow 6.7% in the April-June quarter, the fastest growth since the same quarter last year. Forecasts for annual gross domestic product (GDP) growth ranged from 5.2% to 9.2%, higher than the 5% increase in the preceding quarter. Vincent Loo of KAF Investment Bank said private consumption was likely the main growth driver. Loo said export growth was 22% in Q1. They expect GDP growth to accelerate further in Q3. Malaysia’s economic recovery from the pandemic has been strong since reopening its borders in April, but an expected global economic slowdown is likely to have an impact on the economy. A survey also showed Malaysia’s economic growth for this year would be 6.5%, higher than Bank Negara Malaysia’s (BNM) forecast of 5.3% to 6.3%.