Guan Eng: MoF cautious despite Nikkei Malaysia Manufacturing PMI reading

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KUALA LUMPUR (May 3): Finance Minister Lim Guan Eng said today the ministry will remain cautious on the Malaysian economy and maintain its current 2019 gross domestic product (GDP) growth projection at 4.9% despite a 5.2% expansion forecast based on the latest Nikkei Malaysia Manufacturing Purchasing Managers' Index (PMI) reading.

In a statement today, Lim said the continuous sustainable growth proves that the current recovery and development initiatives carried out by the Pakatan Harapan administration are proceeding as planned.

"The government will continue its efforts to enhance the people's welfare by focusing on achieving high-quality growth. The Finance Ministry welcomes the latest Nikkei (Malaysia) Manufacturing PMI reading for Malaysia, which rose to 49.4 points in April 2019 from 47.2 points in the previous month. This is the highest level recorded in 7 months.

"Nikkei in its PMI note wrote that the April 2019 reading indicated a 5.2% expansion in this year's GDP, which is higher than the 4.9% growth projected by the ministry. Nevertheless, the Finance Ministry will remain cautious and maintain its current growth projection for this year," he said.

Read: Malaysia manufacturing PMI rises to 7-month high in April to 49.4