Malaysia’s economy to be driven by ongoing mega projects in second half of 2019, says expert
KUALA LUMPUR, Aug 17 — Malaysia’s economic growth for the second half of this year is set to be healthy and driven by the ongoing mega projects, despite the current global economic uncertainties, says Maybank Kim Eng Group economist, Lee Ju Ye. She said among the mega projects are the East...
She said among the mega projects are the East Coast Rail Link (ECRL) which has been revived and the Klang Valley MRT 2 as well the LRT 3 project that would become the factors underpinning growth over the long term.
She said the interest shown by international firms in relocating their operations to Malaysia would result in positive export numbers for the country going forward, contributed by manufactured products.
“Malaysia’s third quarter gross domestic product (GDP) was a surprise on the upside at 4.9 per cent, higher than consensus estimates at 4.7 per cent and I think this is positive news for the country.
Meantime, commenting on the possibility of an expected technical recession in 2020, due to the economic uncertainties and the effect of the China-US trade war, she said the situation would not be as bad as it was in 2008 because it does not involve a global financial crisis.
Lee said the crisis at present is more inclined towards trade-related issues when compared to the recession environment of 2008, resulting in a bigger spillover effect to the rest of the economy.
He said that M&As and privatisation had moved at a fast pace with ten attempts during the first half of the year (1H2019) as the broad market weakness had unlocked values.
Maybank IB Research has forecast Malaysian equities to continue showing resilience amid a weak broader market environment, caused by an expected moderation in global GDP growth, as well as the intensifying China-US trade dispute.
Maybank IB also reiterated a defensive core equity strategy for the 2H2019 with a year-end target of 1,680 points for the FBM KLCI, valued at 16 times twelve months’ forward earnings.Read more: Malay Mail
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