The Washington, DC-based institution said exports are projected to continue to expand, albeit at a slower pace, in line with the expected moderation in global trade growth and anticipation that it is to be broad-based, with recovery across all economic sectors.
"The pandemic has further constrained Malaysia’s already limited fiscal space. Government revenue is expected to decline while rigid expenditures remain high. It further noted that growth is projected to moderate to 4.0 per cent in advanced economies next year as policy support is gradually being wound down, although this will be partially offset by the continued release of pent-up demand.
"Targeted social spending should remain a short-term priority due to the high degree of uncertainty over the health and economic outlook moving into 2022,” it said. The World Bank said although the economy is gradually recovering, the progress is uneven, leaving low-income households and informally employed workers more vulnerable.
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