World Bank cuts Malaysia's 2023 growth rate to 3.9 pct

Xinhua
02 Oct 2023, 18:30 GMT+10

KUALA LUMPUR, Oct. 2 (Xinhua) -- The World Bank on Monday cut Malaysia's 2023 economic growth to 3.9 percent from its previous projection of 4.3 percent.

The World Bank said in a statement that the growth is expected to slow in 2023 from 8.7 percent in 2022, due to substantial deceleration in external demand.

Nevertheless, it said domestic demand will continue to support economic resilience.

According to the bank, the main driver of growth is expected to be domestic private sector spending.

This will be sustained by improvements in labor market conditions and the government's ongoing household income support initiatives.

Meanwhile, the country's gross exports are projected to contract by 5.8 percent, contrasting with a 14.5 percent growth in 2022, due to the subdued global growth prospects and weakening international trade momentum.

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