The political secretary to the finance minister responds to a Bloomberg interview in which UBS Global Wealth Management regional chief investment officer Kelvin Tay said Malaysia has a current account deficit.
KUALA LUMPUR: The finance minister’s political secretary Tony Pua today denied that the economy is experiencing a current account deficit, saying Malaysia’s current account balance will remain in surplus for 2019.
“Tay argued that Malaysia has a current account deficit. This is quite scary as Malaysia has always prided itself as an economy with a current account surplus, with our value of exports well exceeding imports being one of the country’s key strengths,” he said in a statement. He acknowledged however that Malaysia has a moderate fiscal deficit, which he said is typical of developing countries. In 2018, deficit was 3.7% of GDP. It is projected to fall to 3.4% this year.
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