Fitch also had projected the local economy to grow 5.8 per cent in 2021, according to the Ministry of Finance .
“These factors and ongoing efforts to further strengthen Malaysia’s policy frameworks will continue to serve the Malaysian economy well during this challenging phase,” Tengku Zafrul said in a statement. Tengku Zafrul said the government would continue to focus on governance and structural reforms to place the country on a firmer footing.
“Malaysia’s foreign currency external assets continue to exceed its foreign currency external liabilities,” he added. He said the flexible exchange rate would continue to serve as important buffers against potential external shocks. He said the decline in foreign holdings of government bonds from a peak of 34 per cent in 2016 to around 21.5 per cent currently has also mitigated the impact on borrowing costs.
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