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World Bank revises Malaysia GDP target for 2017 again
KUALA LUMPUR: The World Bank has once again revised upward its full year forecast for Malaysia's gross domestic product (GDP) growth from 5.2% to 5.8%, on the back of strong domestic and external demand.
World Bank Director for Regional Partnership Malaysia and Thailand Dr Ulrich Zachau said, the lift is attributable to economic growth chartered across several areas–in particular private consumption, private investments, exports.
“Malaysia's economic growth comes from all sources,” Zachau told reporters at the launch of the World Bank's Malaysia Economic Monitor report earlier today.
In October, the organisation forecasted that Malaysia's GDP will grow 5.2%, following a revision to the previous projection of 4.9%. in June.
The World Bank maintained that the pace of GDP growth is expected to recede to 5.2% in 2018.
Meanwhile, to achieve the goal of becoming a high income nation between 2020-2024, Zachau said there is also a need for a more inclusive economic growth in relation to the Bottom 40 group–which happens to be affected by inflation the most, as 70% of their income are spent on food and housing, the areas with the highest inflation increase.
Ringgit unchanged versus greenback
KUALA LUMPUR: The ringgit was unchanged against the US dollar in the absence of fresh direction and on subdued demand for the local note amid the firmer greenback, dealers said.
At 9am, the local unit was pegged at yesterday's close of 4.0770/0800.
However, a dealer said an imminent hike in interest rates both at home and the United States, which pushed the dollar to a one-month high last night, could fuel risk appetite today.
Rising crude oil prices, which was currently trading above US$65 per barrel, the highest since mid-2015, would also help spur demand for the ringgit today.
Meanwhile, the ringgit was traded higher against a basket of major currencies.
It rose against the Singapore dollar to 3.0146/0178 from 3.0171/0207 on Tuesday and advanced against the yen to 3.5927/5960 from 3.5933/5963 yesterday.
The local note also strengthened against the British pound to 5.4297/4350 from Tuesday's 5.4391/4456 and appreciated against the euro to 4.7880/7928 from 4.8035/8083 yesterday. — Bernama