World Bank Group economist Apurva Sanghi says Malaysia’s economy is forecast to grow 5.5% this year, higher than the global growth of 2.9% and regional growth of 4.4%. – The Malaysian Insight file pic, June 21, 2022.
“Malaysia is doing reasonably well, even with the impact of the Covid-19 pandemic compounded by the war in Ukraine, Chinese lockdowns, rising interest rates and fears of stagflation – low growth, high inflation – as we are surrounded by uncertainty,” he said on Bernama TV’s The Nation programme today.
“The optimism stems from the pent-up demand, opening up of the economy, and higher commodity prices,” he said. “There are several factors that reduce the severity of such shocks in the case of Malaysia. Firstly, it is that Malaysia has a flexible exchange rate. During periods of external shocks, a flexible exchange rate acts as a great shock absorber and that’s what you see the ringgit is doing,” he said.
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