Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 11): Malaysia's current account surplus is expected to decline to RM29 billion in 2020 from the estimated RM43.4 billion in 2019, as import growth outpaces export rise, according to the Ministry of Finance's (MoF) Economic Outlook 2020 report.

Malaysian imports for 2020 are expected to grow 2.7% versus an estimated export rise of 1%, the ministry said.

The MoF said 2020's estimated current account surplus at RM29 billion accounts for 1.9% of the nation's forecasted gross national income (GNI) during the year.

For 2019, the estimated RM43.4 billion current account surplus represents 2.9% of forecasted GNI during the year, according to the ministry.

It said the nation's goods surplus is expected to narrow to RM123.4 billion in 2020 from the estimated RM131 billion in 2019.

The MoF said the country's service account is projected to record a deficit of RM25 billion in 2020 compared to the estimated RM21.1 billion deficit in 2019, partly due to the higher deficit in the transportation account.

Meanwhile, the surplus in the travel account is expected to increase to RM27.1 billion in 2020 from the estimated RM26.1 billion in 2019, driven by higher tourist arrivals, according to the ministry.

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