Bank Negara Malaysia said the full-year growth will come in at the lower end of its 4% to 5% forecast range. Read more at straitstimes.com.
KUALA LUMPUR – Malaysia’s economic growth hit the lowest in nearly two years in the second quarter due to sliding exports and a global slowdown, prompting the central bank on Friday to warn that full-year growth will come in at the lower end of its previous forecast.
“The weak external demand is expected to weigh on near-term growth. The economy is facing downside risks stemming from weaker-than-expected global growth, and a deeper or longer-than-expected technology down cycle,” BNM governor Abdul Rasheed Ghaffour told a news conference. While he does not expect a worldwide recession, the governor said global growth will be below the long-term average.
Malaysian consumers are also likely to be cautious in their spending, leading to slower economic growth in the second half, he said.
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