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GDP growth weakest in a year amid global slowdown

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Gross domestic product rose 4.4% in the three months through September from a year ago. FMTNews GDPGrowth BankNegara

KUALA LUMPUR: Economic growth eased in the third quarter to its slowest pace in a year amid declining exports and weaker factory output.

Analysts are calling for Bank Negara Malaysia to begin easing borrowing costs next year after a surprise cut last week to banks’ reserve ratio requirement hinted at the need to bolster growth. The global downturn has put pressure on Prime Minister Dr Mahathir Mohamad’s government, which widened its 2020 budget deficit target to support growth, delaying its goal of fiscal consolidation.

“Looser monetary policy is likely to be offset by headwinds from elsewhere. Tighter fiscal policy is a key headwind as the government aims to bring down the budget deficit.”

 

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