Malaysia's economic growth forecast has been upgraded to 5.3% for this year, as compared to the earlier projection of 5.1%. As reported by Dow Jones Global Equities News, the upgrade in the projection comes in spite of a sluggish 4.1% growth in the first quarter, as robust investment and steady private consumption on the back of increasing wages would drive economic growth in the quarters ahead.
The effects of government transfers are likely to be felt due to higher public sector wages through the year, while the impact on private consumption would last for more than a quarter worth of cash transfers. The robust growth is expected to reduce the current account surplus, and the central bank is likely to hold the key policy interest rate steady at 3.0% through this year.
The acquisition of India's Essar Oil led by Russian oil major Rosneft can be “considered done”, the state-controlled company’s CEO Igor Sechin said at the annual shareholder meeting on June 22, ... more
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