KUALA LUMPUR (Sept 25): Local think tank Socio-Economic Research Centre (SERC) Sdn Bhd has again lowered its forecast on Malaysia’s full-year gross domestic product (GDP) growth to 4.8%, from 5.2% previously.

It had earlier in July revised the figure to 5.2%, from 5.5%.

Today’s downward revision took into account the sharp moderation in second quarter (2Q) GDP, which led to an average 4.9% growth in the first half of the year; implications of deferment or cancellation of mega infrastructure projects on private investment; as well as spillover impacts from the escalating Sino-American trade disputes.

Nevertheless, this year’s growth will largely be underpinned by consumer demand and exports, SERC executive director Lee Heng Guie told a news conference on its third quarterly economy tracker here today.

Lee also lowered the figure for 2019 to 4.7%, from 4.9% previously, and will revise estimates after the tabling of Budget 2019 slated for Nov 2, he said.

Meanwhile, commenting on finance minister Lim Guan Eng’s announcement of foreign workers (employed for over ten years) having to pay 80% of the annual levy, Lee said the total sum of RM10,000 per worker should first be reviewed.

”The RM10,000 is too costly, they should consider lowering it,” he said.