Finance Minister shares high expectations for Malaysian economy

20 Mar 2019

economyMalaysian Finance Minister Lim Guan Eng spoke of his high expectations for Malaysia’s economy, explaining that last year’s notable increase in direct investments would likely aid the country reach Asian tiger status again in just three years.

As reported on The Star, Lim pointed out that in 2018, foreign investments surged by 48% in Malaysia, accounting for RM80.5 billion in profits. As the Minister noted, this kind of growth suggests investor confidence in the country is quite high.

When speaking at his keynote address at the Invest Malaysia 2019 Capital Market Forum on Tuesday, Lim said: "2018 figures have been positive despite certain predictions and I think Malaysia's economy is progressing well. We have exceeded consensus estimation even for the previous month."

As Lim went on to say, the growth in investments was mainly led by China and Japan – while adding that he hoped to see more investments from locals.

The International Monetary Fund (IMF) commended Malaysia’s economy last week, expecting it to expand further this year. Local demand will still lead the growth, although international dealings will also be impactful. In the past five years, the economy saw an increase of more than 5%, resulting in a higher per-capita income and a decrease in poverty levels.

An MIDF Research report released Wednesday forecast 4.9% growth for Malaysia’s economy, with international demand from Malaysia’s key trading allies expected to expand – Business Times reports.