Mais says popular preacher Ahmad Dusuki barred from teaching about Islam in Selangor after court decision as Sultan’s decree still in forceThe World Bank’s revision of its forecast for Malaysia’s economic growth from 4.3 per cent to 3.9 per cent bodes poorly for Malaysia’s economy. — Picture by Firdaus LatifGEORGE TOWN, Oct 8 — The World Bank’s revision of its forecast for Malaysia’s economic growth from 4.3 per cent to 3.9 per cent bodes poorly for the local economy, economists warned.
“Corporate debt is also high. A high level of indebtedness will reduce the resilience of our economy,” he told Malay Mail. He said the re-introduction of a goods and services tax to generate government revenue would not only be unpopular, but may also depress domestic demand. “While the government will continue to consolidate and mend its fiscal deficit through revenue enhancement, subsidy rationalisation and expenditure re-prioritisation and optimisation to rebuild fiscal buffers, the spending allocation and measures will continue to sustain economic growth, ease cost of living pressures and drive investments in high growth high value sectors,” he said.
He said if China’s economy were to weaken, then growth may even be lower than that predicted by the World Bank.
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