Thursday, 05 Dec 2019 02:31 PM MYTICAEW Economic Advisor and Oxford Economics Lead Asia Economist, Sian Fenner, speaks during the Q4 2019 ICAEW Economic Update: South-east Asia Report launch in Kuala Lumpur December 5, 2019. — Picture by Choo Choy May
KUALA LUMPUR, Dec 5 — Weaker household spending and slower wage growth amid softening employment are expected to weigh down Malaysia’s economic growth next year, according to the Institute of Chartered Accountants in England and Wales .
Fenner, who advises ICAEW, added that policy changes like the removal of fuel subsidies is also expected to contribute to the deceleration in consumer spending. “Surprisingly, Malaysia is holding up quite well,” she said at the institute’s South-east Asia Q4 report launch here today. “Household spending growth year-on-year was 7 per cent and has constantly stayed at above 7 per cent since 2018.The ICAEW forecast is far more pessimistic than Putrajaya’s growth projections of 4.8 per cent, suggesting not all economists share the government’s optimistic outlook.
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