Bloomberg
Published Aug 16, 2019 14:00
Updated Aug 16, 2019 15:03
Malaysia Economic Growth Picks Up on Stronger Domestic Demand
(Bloomberg) -- Malaysia’s economic growth quickened in the second quarter, spurred by stronger domestic demand and a rebound in commodity prices.
Gross domestic product expanded 4.9% in the second quarter from a year ago, up from 4.5% in the previous quarter. That beat the median estimate of 4.7% in a Bloomberg survey of 22 economists and was the strongest expansion since early last year.
Bank Negara Malaysia Governor Nor Shamsiah Mohd Yunus said the central bank expects full-year GDP growth of 4.3%-4.8%, affirming the previous estimate.
Malaysia’s strong showing bucks the trend across the region, where the U.S.-China trade war has taken a toll on economies that rely on trade for their momentum. Earlier this week neighboring Singapore cut its full-year growth forecast almost to zero, and Thailand is expected to roll out a stimulus package later Friday. Goldman Sachs Group Inc (NYSE:GS). analysts on Thursday downgraded their forecasts for Asia’s four "Tiger" economies, given the trade tensions.
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Written By: Bloomberg
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