The central bank in a statement July 9, 2019, said while the external sector’s performance is likely to be weighed down by slower global growth and trade tensions, economic growth will be supported by domestic demand. — Picture by Yusof Mat Isa
“Household and capital spending will continue to be driven by stable labour market conditions and capacity expansion in key sectors such as manufacturing and services. The baseline projection remains within the range of 4.3 per cent to 4.8 per cent. It noted that the global economy continues to expand moderately, while labour conditions in the advanced economies remain firm, with domestic demand continuing to support growth in Asia.
While headline inflation has remained low in the recent period, it is projected to rise in the coming months as the impact of the changes in consumption tax policy lapses.“The trajectory of headline inflation will be dependent on global oil prices and policy measures such as the timing of the lifting of the price ceiling on domestic retail fuel prices.
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