Malaysia’s Finance Minister Discusses Economic Growth Projections for 2021

Malaysia’s Finance Minister, Tengku Datuk Seri Utama Zafrul Tengku Abdul Aziz (Tengku Zafrul), has maintained Malaysia’s gross domestic product (GDP) forecast at between 6.5% and 7.5% for 2021. Speaking at the virtual Bursa Malaysia Forum on the 2nd of February 2020, Tengku Zafrul believes Malaysia is expected to thrive on higher oil prices and a solid recovery in the global export market.

Tengku Zafrul stated that during the establishment of Malaysia’s MYR 322.5 billion Budget 2021, the price of oil per barrel was expected to remain at USD 42. However, Tengku Zafrul stated that the current oil price has surged between USD 50 to USD 55 per barrel. Tengku Zafrul points out that another gap in estimates of Budget 2021 was the export target for 2021. He believes...