Malaysia not Stifled by Fitch Ratings’ Downgrade; Economy on Track for 2021 Recovery: Finance Minister

Malaysia’s Finance Minister, Tengku Datuk Seri Zafrul Abdul Aziz, has stated that Malaysia is not impacted by the recent downgrade by Fitch Ratings (Fitch) of its credit rating (to BBB+ from A-) and remains on track towards an economic recovery in 2021,with investor confidence remaining high. Tengku Zafrul added that the Budget 2021 initiatives will keep up the recovery momentum for the country.

Speaking during the Minister’s Question Time session on the 16th of December 2020, the Finance Minister noted that gross domestic product (GDP) estimates made by the Government of Malaysia for 2021 at between 6.5% to 7.5%, were in line with Fitch’s estimates for Malaysia’s GDP at 6.7% for the same period. Tengku Zafrul also stated that institutions such as the I...