Malaysia’s Ministry of Finance Forecasts a 6.5% to 7.5% Expansion in the Gross Domestic Product for 2021

The expected progress in global trade, coupled with improvements in consumer and business confidence, will see Malaysia’s gross domestic product (GDP) grow between 6.5% and 7.5% in 2021, according to the Ministry of Finance (MoF). The MoF’s forecast is in line with that of Bank Negara Malaysia (BNM), which is between 5.5% and 8.0% for 2021.

According to the MoF’s Economic Outlook 2021 report, the growth is anticipated to be supported by the pace of improvement that has picked up in the third quarter of 2020, particularly in the services and manufacturing sectors of the economy, led by the resumption of economic activities in Malaysia. The services and manufacturing sectors are forecast to contribute 7%...