KUALA LUMPUR - Malaysia’s economy grew at its weakest pace in a year in the third quarter hit by sharp falls in exports and mining, fuelling expectations for another dose of policy stimulus from the central bank early next year.
Growth in Southeast Asia’s third-largest economy slowed across all sectors in the third quarter, particularly in mining, which contracted 4.3% compared with a 2.9% expansion in the April-June period, central bank data showed. BNM last cut its key policy rate in May to support growth on concerns over slowing global demand and U.S.-China trade tensions.
Exports contracted 1.9% in the third quarter versus a 0.4% fall in the previous three months, on weak demand for electrical and electronic shipments and commodities. But the broad slowdown indicates that there will likely be no repeat of Malaysia’s outperformance over the first half of 2019, said Charu Chanana, an economist with Continuum Economics.
The central bank said it was also working on addressing any concerns of FTSE Russell, which in September gave the country at least another six months to escape eviction from its widely-tracked government bond index.
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