World Bank estimates Malaysia’s economy to grow by 5.5 per cent in 2022

World Bank estimates Malaysia’s economy to grow by 5.5 per cent in 2022

KUALA LUMPUR: The World Bank estimates Malaysia’s economy to grow by 5.5 per cent this year, driven by recovery in domestic demand and expansion in exports.

However, it cautioned that the growth could slow to 4.8 per cent if the global condition worsens amidst the Russia-Ukraine conflicts, financial tightening in the United States and structural slowdown in China.

“While the economy is projected to be on a recovery path, Covid-19, food inflation and floods are expected to weigh down progress on wellbeing of the poor and vulnerable,’’ according to its East Asia and Pacific (EAC) Economic Update April 2022, titled “Braving the Storm”.

Last year, World Bank projected Malaysia’s economy to grow 5.8 per cent this year compared to a 3.1 per cent in 2021.-Bernama