Economists call for softening of GDP expectations

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Private consumption will not be enough to drive up Malaysia’s GDP for the year, say economists.PETALING JAYA: Economists believe the World Bank’s recent revision of its projection for Malaysia’s GDP growth to 3.3% for the year is still too optimistic given the risk of stalled spending by the public.This is the bank’s second downward revision of the year, having predicted 6% in March and 4.5% in June. Its current forecast aligns with Bank Negara Malaysia’s current expectation of 3% to 4% growth.Geoffrey Williams.Economics professor Geoffrey Williams of the Malaysia University of Science and Technology said his expectations early in the year of muted growth had “unfortunately come to bear” and that he expected negative growth in the third and fourth quarters of the year.“For the year as a whole, we’d expect an annualised growth of between 1% and 2%, probably around 1.8%,” he tol…