In its latest Malaysian Economic Outlook, Third Quarter 2021 report, MIER said the estimated GDP is determined based on this year’s macroeconomic performance, unfavourable developments and challenges which have affected the Malaysian economy.
"However, lagging indicators need to be closely monitored, especially with the rising number of non-performing loans , slowing vacancies and job placement rates, rising property market overhang, and weaknesses in financial market conditions,” said MIER, which is an independent, non-profit organisation.
It is still below the highest ratio of 6.5 per cent of GDP, recorded in 2009 when the country was hit hard by the global economic and financial crisis, said MEIR. "Raising income tax rates for both individuals and corporates seems to be unfair in the current difficult environment. Moreover, the share of direct taxes to total revenue should be on the declining path over the long haul,” it said.
According to MIER, changes in the overnight policy rate need to be gradual and must be spread out over time, while other key macro variables need to be considered in the monetary policy reaction function, especially changes in exchange rates and movements in key asset prices, such as equity and house prices.
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