KUALA LUMPUR, Jan 2 (Bernama) -- Malaysian Rating Corporation Bhd (MARC) has revised downwards its gross domestic product (GDP) growth forecast for Malaysia this year to 2.5 percent from its October's projection of 3.5 percent.
In a statement, MARC cited the continuing uncertain outlook for the global macro economy and moderating consumer demand as factors that could dampen the domestic economic growth prospects.
In the wake of the ongoing turmoil, weakened regional economies are anticipated to have a material impact on Malaysia's external sector, which in recent months has exhibited signs of fatigue.
Private consumption, while expected to be lethargic in comparison to previous years, is still expected to play an important role in helping to shore up the economy.
The wealth effect from the recent bull-run in the commodity markets, particularly in crude palm oil, is providing some buffer against a sharp decline in consumer spending.
In view of the slowdown in business activity, MARC expects smaller corporate debt issuance in the range of RM25 billion to RM30 billion in 2009, in contrast to a significantly expanded supply of Malaysian Government Securities (MGS) issuance, projected at RM70 billion to RM75 billion.
Of this amount, some RM36 billion would be to refinance maturing MGS in 2009, while the balance would be to finance the fiscal deficit which is expected to be at 4.8 percent of GDP in 2009.
In spite of the ongoing weaknesses, Malaysia's economic conditions are not expected to see a precipitous decline as experienced during the 1997 - 1998 Asian Financial Crisis.
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Circular No 107/2012: 4th LAWASIA Family Law Conference, Penang (13 and 14 July 2012)
