Malaysians will spend less in 2017 due to increasing price and economic uncertainties, the local news website Freemalaysiatoday reported on February 3, quoting the latest HSBC Global Research.
HSBC Economist Lim Su Sian (Photo: freemalaysiatoday.com)
Kuala Lumpur (VNA)💎 – Malaysians will spend lessin 2017 due to increasing price and economic uncertainties, the local newswebsite Freemalaysiatoday reported on February 3, quoting the latest HSBCGlobal Research.
Accordingly, private expenditure in Malaysia is expected todrop to 3.7 percent in 2017 from the last year’s 5.6 percent. Unemployment rate in the Southeast Asian country rose to 3.6percent at the end of last December, compared to the average of 3.1 percent between2011 and 2015, said HSBC economist Lim Su Sian. Malaysian households still have to work hard in 2017 to paydebt equivalent to nearly 90 percent of the gross domestic products (GDP) – thehighest not just in ASEAN, but also in Asia.-VNA
The Central Bank of Malaysia has forecasted the economy to falter in 2016, as the country has been navigating a challenging economic environment, driven by the global economic and financial situation.
Malaysian Prime Minister Najib Razak said the federal government debt is still under control and far smaller than that of other developed countries such as the US and Japan.
Malaysia’ economy is forecasted to grow at 4.5 percent in 2017 due to strong private consumption, the International Monetary Fund (IMF) said on December 15.
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HSBC Economist Lim Su Sian (Photo: freemalaysiatoday.com) 
