KUALA LUMPUR: The World Bank has slashed its growth forecast for Malaysia from 2016 through 2018 due to the subdued global economy weighing on the country’s prospects. According to the World Bank, Malaysia’s GDP growth would likely rebound to 4.3% next year before accelerating further to 4.5% in 2018. This compared with its earlier forecast of 4.5% and 4.7% GDP growth for the country for 2017 and 2018, respectively. Crude oil prices started to decline in the last two years after peaking at US$115 per barrel in mid-June 2014. According to the World Bank, Opec’s decision to cut crude oil production would only have a limited impact on crude oil prices.

Source: The Star October 05, 2016 21:22 UTC