Malaysian economy projected to grow, achieve high-income status

The Malaysian economy is booming and expected to continue to expand.

According to the World Bank in the October 2018 edition of East Asia and Pacific Economic Update, Malaysia’s economy is set to grow by 4.7% in 2019; 4.6% in 2020; and is expected to earn high-income nation status by 2024 at the latest.

Malaysia’s expected growth is in line with expectations for 2018, with an estimated expansion of 4.9% for the year. In comparison, in 2017 Malaysia’s economy grew by 5.7%.

While the outlook for the Malaysian economy is relatively rosy, this is not to say there aren’t severe challenges facing Eastern Asia.

“As a highly open economy, Malaysia will continue to face substantial risks relating to uncertainty in the external environment.”

– World Bank

The World Bank warns of market volatility in other regions spilling over into neighbouring economies, possibly including Malaysia, as well as the dangers of increasingly protectionist trade policies.

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