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Malaysia GDP to grow 5% in 2014, says UBS

[ 30-12-2013 ]
Malaysia GDP to grow 5% in 2014, says UBS

KUALA LUMPUR: Malaysia’s economy is projected to grow by 5% next year from an estimated 4.3% this year, said UBS Investment Bank.

Its executive director and senior Asean economist Edward Teather expects recovering exports to dominate the drag from fiscal consolidation in 2014.

He said Malaysia’s exports were expected to recover next year in tandem with improving global trade as well as positive economic growth in the United States and Europe.

“Exports should accelerate on better world trade. We do not expect Bank Negara to attempt to support the domestic growth by loosening monetary policy,” said Teather via a conference call yesterday.

He also expects the country’s household debt to gross domestic product to moderate next year.

In a report released yesterday, UBS said the global economy would pick up to 3.4% next year on the back of stronger US and European growth. — Bernama