Thursday 28 Mar 2024
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KUALA LUMPUR (Oct 21): Malaysia’s economy, as measured by gross domestic product (GDP), is projected to expand between 4% and 5% in 2017 on export and domestic demand growth.

On the supply side, all crucial sectors of the economy are expected to record growth, according to the Finance Ministry's 2016/2017 Economic Report.

The ministry said gross exports are expected to rise 2.7%. "The global economy is expected to improve in 2017, mainly attributed to better growth in the US as well as stronger performance in the emerging markets and developing economies.

"On the demand side, growth will emanate from domestic demand, particularly private consumption and private investment expenditures  which are expected to expand 6.3% and 5.8% respectively," the ministry said.

On the supply side, the ministry said the construction and services sectors are expected to grow 8.3% and 5.7% respectively. Manufacturing and agriculture expansion is seen at 4.1% and 1.5% respectively while the mining and quarrying segment is anticipated to grow 1.4%.

According to the ministry, the nation's 2017 GDP growth forecast compares with 2016's projection at between 4% and 4.5%.

In 2017, the ministry said exports are expected to grow at a faster pace at 2.7% from the 1.1% expansion estimate in 2016.

"Given the nation's strong economic fundamentals coupled with the 2017 Budget strategies and programmes, the economy is expected to expand between 4% and 5% in 2017," the ministry said.

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