KUALA LUMPUR: The World Bank has revised Malaysia's economic growth projection to 3.3 per cent in 2021, down from the 4.5 per cent forecast in June.
It said the ongoing Movement Control Orders, increased precautionary behaviour and subdued labour market conditions were expected to weigh down further on private consumption and overall economic growth, especially for services-related sectors, which had been heavily impacted by movement restrictions.
The World Bank also said the number of Malaysians living below the national poverty line of US$10 per person per day (2011 PPP) was expected to decline gradually, and the poverty rate was expected to return to its pre-pandemic level by 2022.
The bank said the pace and trajectory of recovery going forward would depend on several factors, namely the national vaccination programme and the effectiveness of pandemic containment measures.
"The positive progress of the vaccination programme should alleviate the strain on healthcare system and would allow for the relaxation of containment measures while it needs to be complemented with robust testing and tracing mechanisms to help minimise the risks of future resurgence," it said.
The World Bank has projected higher economic growth of 5.8 per cent in 2022 and 4.5 per cent in 2023 for Malaysia.
Speaking at a virtual press conference on the launch of World Bank's East Asia and Pacific Economic Update October 2021 report today, World Bank Group lead economist Apurva Sanghi said there had been a silver lining, namely digitalisation that had taken off in a major way, with the external environment having been quite supportive to the export sector.
Nevertheless, he said fiscal support was still needed to recover from the current negative output gap and to support the vulnerable groups.
"So improving the tax collection framework, revisiting the tax expenditure system and exploring other forms of taxation, including improving tax administration, with all mobilised revenues and resources for the span, would be crucial," he said
He said Malaysia should focus on revenues and expenditures, and raise resources in an efficient manner.
Commenting on the 12th Malaysia Plan, World Bank country manager for Malaysia, Yasuhiko Matsuda, said the plan articulated a long-term vision that was highly appropriate and important, especially given the quality of the plan for which Malaysia was known for.
"But at the same time, the circumstances require us to be very adaptable and nimble," he said.
As for the East Asia and Pacific region, the report said recovery had been undermined by the spread of the COVID-19 Delta variant, prolonging the distress for firms and households and likely slowing economic growth and increasing inequality.
"Economic activity began to slow down in the second quarter of 2021, and growth forecasts have been downgraded for most countries in the region," it said, adding that the damage done by the resurgence and persistence of COVID-19 was likely to hurt growth and increase inequality over the longer-term.
East Asia and Pacific chief economist Aaditya Mattoo said accelerated vaccination and testing to control COVID-19 infections could revive economic activity in struggling countries as early as the first half of 2022, and double their growth rate next year.
"But in the longer term, only deeper reforms can prevent slower growth and increasing inequality, an impoverishing combination the region has not seen this century," he opined.
The report also estimated that most countries in the region, including Indonesia and the Philippines, could vaccinate more than 60 per cent of their populations by the first half of 2022. This would significantly reduce mortality, allowing a resumption of economic activity.
However, it said the region would need to seriously address vaccine hesitancy and limitations in distribution capacity to prevent plateauing coverage; increasing regional production of vaccines to reduce dependence on imported supplies; and strengthening health systems to deal with the prolonged presence of the disease.
"International assistance is needed to support national efforts in all these areas, especially in countries with limited capacity," the World Bank said.
-- BERNAMA
Bernama
Tue Sep 28 2021
The World Bank has projected higher economic growth of 5.8 per cent in 2022 and 4.5 per cent in 2023 for Malaysia. - BERNAMA
Pelepasan air terawat Fukushima digantung kerana terputus elektrik
Pelepasan air radioaktif terawat ke laut dari loji janakuasa nuklear Fukushima yang lumpuh digantung pada Rabu berikutan gangguan bekalan elektrik separa, kata pengendali loji itu.
Prabowo rasmi diisytihar Presiden Indonesia
Suruhanjaya Pilihan Raya Umum (KPU) secara rasmi akan mengisytiharkan Prabowo Subianto sebagai Presiden Indonesia dipilih, dalam satu majlis pada Rabu, seperti yang dijadualkan.
Jerman-UNRWA mungkin bekerjasama semula
Kerajaan Jerman merancang untuk menjalinkan kerjasama dengan agensi Pertubuhan Bangsa-Bangsa Bersatu bagi pelarian Palestin (UNRWA). Ia susulan daripada kontroversi yang mendakwa anggota petugas UNRWA terlibat dalam serangan di Gaza yang berlaku pada 7 Oktober tahun lalu.
Ini panggilan daripada Allah SWT - Dr Sharifah Mazlina
Ketua Misi Ekspedisi Wanita Berkumpulan ke Antartika, Dr Sharifah Mazlina Syed Abdul Kadir yang merupakan salah seorang peserta dari Malaysia bagi misi Break The Siege of Gaza Freedom Flotilla menyifatkan penglibatannya dalam misi berkenaan sebagai satu panggilan yang ditentukan Allah.
Tujuh ditahan polis dalam serbuan 'keganasan' Australia
Polis Australia menahan tujuh individu yang menimbulkan risiko dan ancaman kepada orang ramai selepas melakukan serbuan antikeganasan membabitkan lebih 400 pegawainya, pada Rabu.
[TERKINI] UM diminta siasat, sedia laporan segera
Kementerian Pendidikan Tinggi (KPT) mengambil maklum dan memandang serius isu yang berlaku berhubung tindakan seorang penceramah warga asing mengeluarkan kenyataan yang dilihat mencetuskan kontroversi dan tidak menghormati sentimen masyarakat seperti tular di media sosial.
Astro AWANI dinobat adaptasi AI dalam pemberitaan terbaik di pentas Asia
Astro AWANI dinobat sebagai pemenang Anugerah Digital Media Awards 2024 bagi kategori adaptasi Teknologi Kecerdasan Buatan (AI) dalam pemberitaan terbaik di rantau Asia.
MITI optimis prestasi perdagangan lebih baik pada 2024
Tengku Zafrul menjelaskan, MITI juga memperbaharui fokusnya dengan berpaksikan kepada empat tunjang utama iaitu ekonomi, kelestarian, rakyat dan inovasi.
Pekebun durian musang king gagal dapat kebenaran semakan kehakiman
Mahkamah Tinggi tolak permohoan pekebun musang king untuk semakan kehakiman
Mahkamah Tinggi Kuantan menolak permohonan 186 pekebun durian musang king di sekitar Raub untuk mendapatkan kebenaran semakan kehakiman terhadap notis arahan pengosongan tanah dikeluarkan kerajaan negeri Pahang sebelum ini.
Mahkamah Tinggi Kuantan menolak permohonan 186 pekebun durian musang king di sekitar Raub untuk mendapatkan kebenaran semakan kehakiman terhadap notis arahan pengosongan tanah dikeluarkan kerajaan negeri Pahang sebelum ini.
Inspektor polis ditahan disyaki lakukan amang seksual fizikal
Seorang pegawai polis berpangkat inspektor ditahan bagi membantu siasatan berhubung dakwaan melakukan amang seksual fizikal
ke atas kanak-kanak perempuan berumur 16 tahun.
Ketua Polis Johor, Komisioner Polis M. Kumar berkata suspek yang bertugas di Ibu Pejabat Polis Daerah Pontian dikatakan melakukan kesalahan tersebut pada 22 April 2024 sekitar jam 6 petang di kawasan taman Johor Jaya.
ke atas kanak-kanak perempuan berumur 16 tahun.
Ketua Polis Johor, Komisioner Polis M. Kumar berkata suspek yang bertugas di Ibu Pejabat Polis Daerah Pontian dikatakan melakukan kesalahan tersebut pada 22 April 2024 sekitar jam 6 petang di kawasan taman Johor Jaya.
Pendidikan awal kanak-kanak: UPSI kerjasama penyelidikan dengan World Bank Group
Dalam kerjasama itu, UPSI akan diwakili Pusat Penyelidikan Perkembangan Kanak-kanak Negara (NCDRC).
COVID-19: Usahawan wanita lebih berinovasi berbanding lelaki, namun lebih terkesan - Kajian
Jurang perbezaan antara usahawan wanita dan lelaki dalam berdepan kesan pandemik adalah pada tahap yang serius dan membimbangkan.
PKP 2.0, ketidaktentuan politik antara faktor Bank Dunia turunkan unjuran ekonomi
Proses pemulihan ekonomi Malaysia dijangka mula menunjukkan hasil pada suku kedua tahun ini.
Rakyat Malaysia dijangka bekerja lebih lama pada masa depan - Mustapa Mohamed
Lebih daripada 7 peratus daripada populasi penduduk negara ini akan berusia 65 tahun ke atas pada 2020, menjadikan Malaysia sebuah negara tua.
KDNK Malaysia dijangka menguncup kepada 3.1 peratus - Bank Dunia
Menerusi Laporan Pemantauan Ekonomi Malaysia bertajuk Surviving the Storm, unjuran itu dilihat realistik disebabkan oleh pergerakan ekonomi yang perlahan dalam usaha menangani wabak COVID-19.
Ekonomi dunia terus menjunam, ini 5 ramalan pakar untuk 2019
Risiko besar untuk tahun akan datang terhadap ekonomi global adalah kejatuhan besar pertumbuhan dagangan dunia yang jatuh kepada hampir kosong peratus pada akhir 2018 berbanding 5 peratus
Bank Dunia semak naik unjuran KDNK Malaysia 2017 kepada 5.8%
Bank Dunia sebelum ini mengunjurkan pertumbuhan 5.2 peratus pada Oktober, dan ini merupakan semakan kali ketiga terhadap unjuran pertumbuhan Malaysia tahun ini.
Bank Dunia gesa negara membangun sesuaikan strategi kurangkan kemiskinan
Negara-negara membangun di Asia Timur perlu terus menyesuaikan strategi mereka untuk mengurangkan kemiskinan kerana pelan sedemikian telah terbukti mencapai kejayaan dalam tempoh 20 tahun lepas, kata