It notes that growth has averaged above 5% over the past five years, leading to higher per capita income and reducing already-low poverty.
IMF says inflation will rise above 2% in 2019, as the effect of the removal of the GST dissipates and oil subsidies become targeted.
“This would counter-balance the negative drag from the external environment and fiscal consolidation, leaving growth flat at 4.7% in 2019 and close to potential over the medium term,” the fund said in a statement today. “Economic growth is now moderating, and is estimated at 4.7% in 2018, underpinned by robust domestic and external demand.
IMF’s executive directors commended the authorities for the resilient performance of the Malaysian economy over recent years, noting that growth was solid, without signs of inflationary pressures. The IMF directors agreed with the planned gradual pace of fiscal consolidation in 2019 and over the medium term to support debt reduction and strengthened fiscal buffers.
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