{"id":1333,"date":"2019-07-01T07:27:17","date_gmt":"2019-07-01T07:27:17","guid":{"rendered":"https:\/\/www.freemalaysiatoday.com\/?p=1178432"},"modified":"2019-07-01T07:27:17","modified_gmt":"2019-07-01T07:27:17","slug":"malaysia-on-track-to-achieve-high-income-status-by-2024-says-world-bank","status":"publish","type":"post","link":"https:\/\/merdeka.org\/v2\/malaysia-on-track-to-achieve-high-income-status-by-2024-says-world-bank\/","title":{"rendered":"Malaysia on track to achieve high-income status by 2024, says World Bank"},"content":{"rendered":"
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The World Bank says Malaysia’s economy will grow by 4.6% this year.<\/figcaption><\/figure>\n

PUTRAJAYA: Malaysia is on track to achieve high-income economy status by 2024, World Bank lead economist Richard Record said.<\/p>\n

He said Malaysia’s gross net income per capita stood at US$10,460 as of last year.<\/p>\n

The World Bank has set US$12,375 as the threshold level to define high-income economy status, Record said, adding that Malaysia’s target was achievable.<\/p>\n

He was speaking at a press conference after the launch of the Kick-Off Conference on the 12th Malaysia Plan organised by the economic affairs ministry and the 20th edition of the World Bank’s Malaysia Economic Monitor report, themed Re-energising the Public Service, here today.<\/p>\n

Record said the World Bank’s forecast that the Malaysian economy will grow by 4.7% this year was lowered by 0.1% to 4.6% because of weaker investment and export activity.<\/p>\n

He said while private consumption was expected to continue to support domestic demand, its growth was projected to decelerate to 6.6% this year.<\/p>\n

“This follows a robust expansion in 2018,,especially during the zero-rated Goods and Services Tax (GST) period,” he said.<\/p>\n

Record said that in the public sector, continued rationalisation of government expenditure would continue to weigh on its contribution, with the growth rate projected to stand at 1.8% for the year.<\/p>\n

He said the Consumer Price Index was projected to average about 1% for 2019, mainly due to the diminishing effect of changes to consumption tax policy towards the second half of the year.<\/p>\n

On the on-going trade war between the United States and China, Record said Malaysia was benefiting from trade diversion in some export products as a result of the tension.<\/p>\n

“Malaysia’s export of tariff-affected products to the US and China has increased in value by more than US$1 billion since the tariffs were imposed, ” he said.<\/p>\n

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The World Bank says Malaysia’s economy will grow by 4.6% this year. PUTRAJAYA: Malaysia is on track to achieve high-income<\/p>\n

Continue Malaysia on track to achieve high-income status by 2024, says World Bank<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":1334,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[21],"tags":[],"class_list":["post-1333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-external-news"],"yoast_head":"\nMalaysia on track to achieve high-income status by 2024, says World Bank - Merdeka Center<\/title>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Malaysia on track to achieve high-income status by 2024, says World Bank - Merdeka Center\" \/>\n<meta property=\"og:description\" content=\"The World Bank says Malaysia’s economy will grow by 4.6% this year. 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