KUALA LUMPUR: The World Bank has revised its projection of Malaysia’s gross domestic product (GDP) downwards by 0.2 percentage point to 4.7% this year, after taking into consideration the new government’s spending and investment plan, as well as external factors.
The bank had revised the country’s economic growth to 4.9% in October from 5.4% projected earlier.
Country economist Shakira Teh Sharifuddin said government spending and investment under the 2019 Budget was lower due to a rigorous rationalisation plan as well as overall investment activities, which picked up post-14th general election.