IMF raises Malaysia GDP growth forecast to 4.8%

Kuala Lumpur (IINA) � The International Monetary Fund (IMF) has raised Malaysia's gross domestic product (GDP) growth projection for this year to 4.8 percent from 4.5 percent, on the back of savvy economic management and commendable monetary policies, the Star Online reported.

Malaysia registered a GDP growth of 4.2 percent last year, down from 5 percent in 2015 and 6 percent in 2014. The country posted a 5.6 percent GDP expansion in the first quarter ended March 31 compared to the same quarter a year ago. IMF Economic Counsellor and Director of Research Department Dr. Maurice Obstfeld noted that the Fund remains optimistic on the country's economic outlook moving forward.

We have upgraded our growth outlook for Malaysia this year as we see successful efforts undertaken to increase the sustainability of debt which is on a downward trend," he said.

In addition, the country's steady handling of monetary policy is commendable," he added. Looking at the potential upsides moving forward, we are optimistic on Malaysia, Obstfeld told reporters in a media briefing here on Monday.

Source: International Islamic News Agency